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There are two types of consumer credit: revolving and nonrevolving. Revolving credit plans, which can be unsecured or secured by collateral, allow a customer to borrow up to a predetermined level and return the loan in one or more installments.
What different types of credit are there?
Three categories of credit accounts exist: open, installment, and revolving. Revolving credit, one of the most common types of credit accounts, is a line of credit that allows for unlimited borrowing but has a cap on how much can be spent at any given time, known as a credit limit.
Credit that can be used again after payments are paid is referred to as open credit, also known as open-end credit, and examples include credit cards and lines of credit. The idea behind closed credit, often referred to as closed-end credit, is that you request a certain amount of money, get it, and then pay it back over time in set amounts.
Learn more about consumer credit: https://brainly.com/question/29632930
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