A secured debt is one where your creditor has a lien or security interest in something you own. For instance, if you’re paying off your car or house, these creditors have a security interest in the house or car. In most cases, you will be able to continue paying on the secured debts without losing them. You will also be given the opportunity to return these assets back to the creditor and erase all responsibilities for continuing to pay these debts. In recent years, individual debt has shifted from equity-backed mortgages to student loans and consumer credit, particularly auto loans. Some of these debts are “secured,” and others are “unsecured.” A secured debt is one where your creditor has a lien or security interest in something you own. For instance, if you’re paying off your car or house, these creditors have a security interest in the house or car.