There at least three basic types of consumer credit: Noninstallment Credit. This type of credit is the simplest and is usually offered for short term use, such as 30 days. Installment Closed-end Credit. Revolving Open-end Credit..
Installment closed-end credit allows the consumer to receive a certain amount of credit to purchase one item or a few goods. One type of installment closed-end credit is a car loan. The car company offers the consumer credit to buy the car..Service credit, which is offered by utility companies, doctors, and other suppliers of services, allow customers to make payment fifto thirty days following the date that the service is provided, with no interest charges being accrued. Part 2 of this series will discuss the various types of lenders which provide consumer credit..For the rest of this lesson, we'll discuss the three different types of consumer credit: installment, non-installment, and revolving credit. You'll also learn about repayment requirements and if there's a cost to borrow the money..Examples of consumer credit would include lines of credit with shopping outlets Best Buy, Target, Walmart, etc and bank issued credit cards for individuals Visa, MasterCard, etc . This is often referred to as "recredit" All the best in your stu.s .
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