ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Revolving credit
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Service credit
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Installment credit
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No credit
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Detailed explanation-1: -Another example would be a utility bill (such as electricity usage in your household).
Detailed explanation-2: -Types of credit facilities include revolving loan facilities, retail credit facilities (like credit cards), committed facilities, letters of credit, and most retail credit accounts.
Detailed explanation-3: -Credit card accounts, home equity lines of credit (HELOC), and debit cards are all common examples of open-end credit (though some, like the HELOC, have finite payback periods). The issuing bank allows the consumer to utilize borrowed funds in exchange for the promise to repay any debt in a timely manner.
Detailed explanation-4: -Revolving Credit. This form of credit allows you to borrow money up to a certain amount. Charge Cards. This form of credit is often mistaken to be the same as a revolving credit card. Installment Credit. Non-Installment or Service Credit. 21-Feb-2014
Detailed explanation-5: -Closed-end (installments) Open-end (revolving)