Consumer credit refers to short-term loans for personal or household goods and services, such as credit cards, vehicle leases, and installment loans. There are two main types of consumer credit: closed-end credit which specifies repayment terms for loans or contracts, and open-end credit which has no spending limit or repayment deadline. While consumer credit provides convenience and allows for emergencies and large purchases, it can also enable unrealistic lifestyles and ruin credit if misused or abused. Proper credit management through understanding one's budget and debt obligations is important.

1. Understanding Consumer Credit Anita Lambert

2. Consumer Credit Defined - Short-term loans to individuals for purchasing goods and services for personal and household use. Credit card debt, vehicle leases, andinstallment loans are examples of consumer credit.

3. Consumer Credit

4. Consumer Credit Types of Consumer CreditClosed-End Credit – credit contracts that specifythe time period over which the loan or sales contract will be repaid, the total amount due, and the number of payments and due dates on which they fall.Open-End Credit - a form of credit that does not have an upper limit on the amount that can be borrowed or a time limit before repayment is due.

5. Consumer Credit Closed-End Credit Home Mortgages

6. Automobile Loans

7. Installment Payments for Furniture, appliances and electronicsConsumer Credit Open-End Credit Personal Lines of Credit

8. Home Equity Loans

9. Charge Accounts

10. Credit Cards Consumer Credit Charge and Debit cards account for over half of in-store purchases!