Unsecured Debt Quotes

We are pretty tough in saying for example if you've got unsecured debts and less than £25,000 that should not be an excuse for repossessing someone's home.That should not be allowed.You have got to help manage people through this process. I don't want to pretend that it is going to be easy getting out of Gordon Brown's hole.

I lend people money, but I'd never lend something that would jeopardise a friendship if I didn't get it back.

A person who can't pay gets another person who can't pay to guarantee that he can pay. Like a person with two wooden legs getting another person with two wooden legs to guarantee that he has got two natural legs. It don't make either of them able to do a walking-match.

I lost my computer business when I was 29 because I gave credit to firms I didn't investigate. I lost my house and had to move back in with my parents and then I lived in an office for six months.

But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.

You also need to understand that when you consolidate credit card debt into mortgage debt - like a home equity loan or a HELOC [ home equity line of credit ] - you're taking an unsecured debt and turning it into a secured debt.

If you default on an unsecured debt, you won't lose anything (except points on your credit score).

I've never been a fan of loans between relatives or friends. They can divide relationships.