consumer credit

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Consumer credit

Credit a firm grants to consumers for the purchase of goods or services. Also called retail credit.

Consumer Credit

Any loan or line of credit that a borrower uses to purchase goods and services at the retail level. Typically, consumer credit finances any asset that depreciates quickly and is not used for investment purposes. Credit cards are a common example of consumer credit because one pays for ordinary expenses such as groceries or gasoline with a credit card; one ordinarily would not purchase stock with a credit card. Loans for education and cars are also examples of consumer credit. However, consumer credit expressly excludes loans for real estate.

consumer credit

LOANS made available to buyers of products to assist them in financing purchases. Consumer credit facilities include HIRE PURCHASE, INSTALMENT CREDIT, BANK LOANS and CREDIT CARDS.