CONSUMER CREDIT

Consumer Credit



Consumer Credit

Introduction

Consumer is basically a method for spending money on any product for getting advance on the required amount of money. This concept can be understood with a very fundamental example of credit cards. As a credit card is used at the time of transaction and later the buyer has to pay money at a particular future date (McBride, 2013).

Types of Consumer Credit

Consumer credits are classified into three groups which are listed and explained below:

Non Installment Credit

This is a credit which doesn't have any monthly payments. They are paid in a very short span of time which ...