________ is a situation in which a creditor agrees to extend credit only if the purchaser pledges some personal property as collateral for the loan.

Question

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Secured credit is a situation in which a creditor agrees to extend credit only if the purchaser pledges some personal property as collateral for the loan. This means that if the purchaser fails to repay the loan, the creditor has the right to take possession of the collateral and sell it to recover the amount owed.

________ Is a Situation in Which a Creditor Agrees to Extend