Consumer credit transaction

Generally, a consumer credit transaction is any loan, lease or sale under $25,000 primarily made for a personal, family or household purpose on which a finance charge is or may be assessed, or is payable in more than four installments.

What is the meaning of consumer credit?

Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes purchases obtained with credit cards, lines of credit and some loans. ... Consumer credit is also known as consumer debt.

What is a'consumer credit'?

What is a 'Consumer Credit'. Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes purchases obtained with credit cards, lines of credit and some loans. Consumer credit is also known as consumer debt.

What is the relationship between consumer credit and the economy?

Consumer credit use from month to month is closely measured by economists because it is considered an indicator of economic growth or contraction. If consumers overall are willing to borrow and confident they can repay their debts on time, the economy gets a boost.