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Secured debt is a type of loan backed by collateral, such as a house, car, or other valuable asset. If the borrower defaults, the lender can seize the collateral to recover the debt. 

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Insolvency refers to a financial state where an individual or business is unable to meet their debt obligations as they come due. It is not a legal process but an indicator of financial distress. 

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Debt consolidation involves combining multiple debts into a single loan with a lower interest rate. This simplifies payments and may reduce overall financial strain. 

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