Four Types of Credit

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by jarrett997
Last updated 6 years ago

Discipline:
Social Studies
Subject:
Economics

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Four Types of Credit

When a business offers a charge account to a customer they are offering a contract between them. There are also 3 types of charge accounts; Regular, Budget and Revolving.

Trade credit occurs when a company recieves goods from another company and has agreed to pay for them later. Businesses and companies are usually the only ones that use Trade Credit. There are 2 types of trade credit: 3/10 and n/30.

Sales credit is what most companies offer, it involves the use of charge accounts and credit cards of consumers buying various products or services.

When a person borrows money that they plan to use for a special purpose this is considered loan credit. Loans are obtained by contract thourgh a bank.

Four Types of Credit By: Jarrett Hollenbeck

Credit: Credit is the act of using someone elses money for a period of time. When ever someone loans out money to someone on credit, they are expected to be payed back. There are four types of credit; trade, loan, sales, and charge.

Trade

Charge

Sales

Loans


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