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Mark0Young wrote "If you have unsecured debt and the account becomes deliquent, the creditor can make your life miserable, sue you in court and have your wages garnished, but cannot take away your home."

This usually is not true. Unsecured creditors can obtain liens and eventually force a judicial sale of a home in most states. However, secured creditors are in an even stronger position since secured debt generally can't be discharged in bankruptcy (assuming equity in the collateral exists) and has priority over unsecured debt. So the point that unsecured debt is often preferrable to secured debt, all other factors being equal, remains valid.

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