Consumer Credit (Noun)
Meaning
A line of credit extended for personal or household use.
Classification
Nouns denoting possession and transfer of possession.
Examples
- Banks often offer consumer credit in the form of credit cards or personal loans to help individuals cover unexpected expenses.
- Consumer credit allows individuals to purchase essential items such as furniture, appliances, or electronics over an extended period.
- To avoid debt, it's essential for consumers to carefully review the terms and conditions of consumer credit before making a purchase.
- Many retailers partner with financial institutions to offer consumer credit options, making it easier for customers to afford big-ticket items.
- Credit counseling services can help individuals struggling with consumer credit debt by providing personalized repayment plans.