Personal debt is debt owed for which you personally are legally responsible. Personal debt can involve more than one party. In this case “personal” just means “non-business.”
Debts may be secured or unsecured, depending on whether some form of collateral has been put up. The source of personal debts varies from case to case, though the majority of personal debt in the UK is tied up in mortgages.
*Personal debt can result in significant stress, reduced standard of living and even legal issues.
PERSONAL DEBT AREAS