What is revolving credit?A.Credit that is issued by a financial institution other than a bankB.Credit that provides a set amount of money for a specific purposeC.Credit that is automatically renewed as debts are paidD.Credit that requires users to pay a high interest rateSUBMITarrow_backPREVIOUS
Question
What is revolving credit?A.Credit that is issued by a financial institution other than a bankB.Credit that provides a set amount of money for a specific purposeC.Credit that is automatically renewed as debts are paidD.Credit that requires users to pay a high interest rateSUBMITarrow_backPREVIOUS
Solution
Revolving credit is C. Credit that is automatically renewed as debts are paid. This type of credit allows consumers to borrow from a line of credit repeatedly as long as they continue to repay the borrowed amount. Examples of revolving credit include credit cards and personal lines of credit.
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Credit is a helpful tool because it:A.prevents lenders from charging higher interest rates in the future.B.rewards people for saving a percentage of their earnings.C.ensures that people do not overspend or exceed their ability to pay.D.allows people to borrow money that can be paid back later.SUBMITarrow_backPREVIOUS
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