ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They are called revolving credit accounts because
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it was a revolutionary concept when first created.
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these accounts circle around your credit.
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they can be an ongoing cycle of borrowing and repaying.
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None of the above
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Explanation:
Detailed explanation-1: -Revolving credit is a line of credit that remains available over time, even if you pay the full balance. Credit cards are a common source of revolving credit, as are personal lines of credit. Not to be confused with an installment loan, revolving credit remains available to the consumer ongoing.
Detailed explanation-2: -Credit cards are the best-known type of revolving credit.
Detailed explanation-3: -Revolving credit refers to an open-ended credit account-like a credit card or other “line of credit”-that can be used and paid down repeatedly as long as the account remains open.
Detailed explanation-4: -Credit cards. Personal lines of credit. Home equity lines of credit (or HELOC) 12-Oct-2021
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