Question

drag the tiles to the correct boxes to complete the pairs. compare the sources of consumer credit travel and entertainment credit revolving check credit closed-end credit revolving credit consumers use a prearranged loan using special checks consumers use cards with no interest and non -revolving balances consumers pay off debt and credit is automatically renewed consumers take out a loan with a repayment date and have a specific purpose

Answer 1

1. Travel and Entertainment Credit    -     Consumers use cards with no interest and non-revolving balance.
2. Revolving Check Credit                 -      Consumers use prearranged loan using special checks.
3. Closed-End Credit                          -       Consumers pay off dept and credit is automatically renewed.
4. Revolving Credit                             -       Consumers take out a loan with a repayment date and have a specific purpose.

What is meant by Consumer Credit?

Consumer credit refers to debt incurred by an individual to pay for products and services. An example of consumer credit is a credit card.

Consumer credit might refer to any sort of personal loan, although it is more frequently used to denote unsecured debt that is incurred to pay for regular products and services. Consumer debt can, however, also refer to secured loans like mortgages and auto loans.

Installment credit is given for a predetermined time period and is utilized for a specified purpose.

Open-ended revolving credit is a type of loan that can be applied to any kind of transaction.

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