Debt backed or secured by collateral to reduce the risk associated with lending. An example would be a mortgage, your house is considered collateral towards the debt. If you default on repayment, the bank seizes your house, sells it and uses the proceeds to pay back the debt.
Permanent underclass is emerging in UK, businesses warn. The Leeds city centre Job Centre Plus offices on the day figures showed youth unemployment had passed the 1m mark. Britain risks creating an underclass of people who are permanently excluded from the prospect of employment, a report published on Thursday warns.
The underclass is most visible in urban slum settings and is about 70 percent nonwhite, but it includes many rural and white people as well, especially in Appalachia and the South. Much of the urban underclass is made up of street hustlers, welfare families, drug addicts, and former mental patients.