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Consumer credit: Multiple Choice is currently a privilege of the affluent. dates back to colonial times. currently carries no finance charge. is not a major force in our economy. use has been declining in recent years.

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Consumer credit dates back to colonial times.

What is consumer credit?

Money that customers can borrow to pay for products or services is known as consumer credit. Customers who have access to credit can make purchases today and pay for them over time. Consumers can obtain credit from banks, financial organizations, and companies.

Consumer credit is governed by federal and state rules that shield borrowers from dishonest lending practices and stop companies from treating them differently based on non-financial considerations.

Examples of consumer credit are credit cards, education loans, mortgages, etc.

Consumer credit has been around since the colonial era when farmers used it frequently.

Learn more about consumer credit here:

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