Question $12(5$ points$)$

What is the difference between installment credit and revolving credit?

Revolving credit is an older form of credit that became popular for the purchase of consumer durables.

Installment credit is typically issued by one vender for a specific purpose while revolving credit extends the ability to delay payment for different items from different vendors up to a certain limit$.$

Installment credit is lent by a bank or finance company, typically through a charge card or credit card.

Installment credit extends the ability to delay payment for different items from different vendors up to a certain limit while revolving credit is typically issued by one vender for a specific purpose.