B Com Exam > B Com Notes > Financial Markets and Institutions > Consumer Credit - Financial services, Financial Markets and Institutions
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Consumer credit is a way for people who spend money on products to get an advance on the money required to pay for the object. The most common example of consumer credit is a person using a credit card. He uses the credit card to pay for goods and services, then he repays the credit card company at a future date.
Noninstallment Credit
Noninstallment credit is either secured or unsecured, depending on the company offering the credit. This credit does not have monthly payments of a set figure, but instead is due all at once in a lump sum payment of the full amount owed. Noninstallment credit tends to be due in a short period of time, such as in a month.
Installment Closed-End Credit
Installment closed-end credit allows the consumer to receive a certain amount of credit to purchase one item or a few goods. One type of installment closed-end credit is a car loan. The car company offers the consumer credit to buy the car. The credit does not extend beyond the sales price of the car. In addition, the person pays the credit in installments over a period of time instead of paying it back in one lump sum.
Revolving Open-End Credit
Revolving open-end credit is the type of credit a consumer typically finds with a credit card. The consumer has a specified amount of credit she can use or not use at her leisure. Then, the consumer must pay off part of the credit she uses at the end of a period, normally a month. The credit does not close unless the company offering the credit closes the account. Since it usually does not close, this makes the credit revolving.
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FAQs on Consumer Credit - Financial services, Financial Markets and Institutions - Financial Markets and Institutions - B Com
| 1. What is consumer credit? |  |
Ans. Consumer credit refers to the borrowing of money by individuals to purchase goods or services. It allows consumers to make immediate purchases and pay for them over time, typically with interest.
| 2. What are the different types of consumer credit? | |
Ans. There are several types of consumer credit, including credit cards, personal loans, mortgages, auto loans, and student loans. Each type of credit has its own terms and conditions, interest rates, and repayment schedules.
| 3. How does consumer credit impact financial services? | |
Ans. Consumer credit plays a significant role in the financial services industry. It allows banks and other financial institutions to provide loans and credit to individuals, generating interest income and fees. It also helps consumers access funds for various purposes, such as buying homes, cars, or paying for education.
| 4. What are the major financial markets and institutions involved in consumer credit? | |
Ans. The major financial markets and institutions involved in consumer credit include banks, credit unions, online lenders, and credit card companies. These institutions provide the funds necessary for consumer credit and manage the lending process.
| 5. How can consumers manage their consumer credit effectively? | |
Ans. Consumers can manage their consumer credit effectively by maintaining a good credit score, paying bills on time, and keeping credit card balances low. It is also important to review credit reports regularly, budget effectively, and avoid taking on more debt than can be comfortably repaid.
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