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Consumer Credit

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Consumer Credit
The general term for loans given to persons usually on an unsecured Basis and providing for monthly repayment.
    
Installment loans and personal loans are also referred to as consumer credit (unless the loan is used for business purposes or to purchase commercial property).
    
Credit is the provision of resources (such as granting a loan) by one party to another party where that second party does not repay the first party immediately, thereby generating a Debt, and instead arranges either to repay or return those resources (or material(s) of equal value) at a later date. The first party is called a creditor, also known as a lender, while the second party is called a debtor, also known as a borrower.
    
Consumer credit is basically the amount of credit used by consumers to buy non-investment goods or services that are consumed and whose value depreciates quickly. This includes automobiles, recreational vehicles (RVs), and education, boat and trailer loans but excludes debts taken out to purchase Real Estate or Margin on investment accounts.
Posted by  Opal Financial Group
 
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