Dictionary
unsecured debt
money borrowed without supplying something of value as security
As most of the company's obligations were unsecured debt, creditors had little hope of getting back the full amount owed them.
Common Mistakes
- Do not confuse unsecured with insecure. While unsecured means lacking collateral, insecure means lacking self-confidence: She was insecure about her looks. The term insecure ca also mean unsafe: Competing armies made life insecure in many parts of the country.
Phrase Bank
- GM has about $28 billion in unsecured debt.
- The ratings service reduced its assessment of Merck's corporate credit and senior unsecured debt to AA.
- The average gambler owes more than $ 40,000 in unsecured debt and carries an average of eight credit cards.