which describes an example of using unsecured credit? someone buys new gutters for a home with a credit…
which describes an example of using unsecured credit? someone buys new gutters for a home with a credit card. someone buys a new vehicle with a loan from a car dealer. someone buys a new home with a mortgage from a bank. someone buys a new boat with a loan from a boat dealer.
Answer
Brief Explanations:
Unsecured credit is not backed by collateral. A credit - card purchase is unsecured as there is no specific asset pledged. Vehicle, home, and boat loans are usually secured by the respective assets.
Answer:
Someone buys new gutters for a home with a credit card.