Credit Tips: Revolving and Installment Credit Card Accounts

Posted On: December 1, 2005

Author: bailor
Posted: Thu Jul 01, 2004 10:21 pm
Post subject: Revolving and Installment Credit Card Accounts
6/30/2002 3:59 pm CDT

hi again.
could you explain the difference between revolving and installment accounts if there is any?
thanks

Author: Misty
Posted: Thu Jul 01, 2004 10:22 pm
Post subject: Revolving and Installment Credit Card Accounts

6/30/2002 4:31 pm CDT

Revolving credit is something like a credit card. It means that you have been given a certain limit for you to charge up to, pay off and continue charging against. An installment loan is just that-a fixed loan amount; usually also w/ a fixed payment amount-that you pay on monthly installments until the balance has been paid. Once the full amount has been paid, your “contract” w/the lender is completed.