Revolving credit is a type of credit that allows you to borrow money up to a predetermined credit limit, which you can use and repay as needed. With revolving credit, you have the flexibility to use the credit line as many times as you want, as long as you make at least the minimum payment each month and do not exceed the credit limit.
A common example of revolving credit is a credit card. When you use a credit card, you are borrowing money from the credit card issuer up to your credit limit, and you have the option to pay back the borrowed amount in full or make minimum payments and carry a balance from month to month. The interest is charged on the outstanding balance that is carried over each month.
Revolving credit can also be used for other types of loans, such as personal lines of credit, home equity lines of credit, and business lines of credit. The terms and conditions of revolving credit vary depending on the lender, but they typically have higher interest rates than other types of loans because of the flexibility they offer.
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