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Class 10 > Learn Class IX-X Tuition > What is the role of a credit taken by a consumer?
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What is the role of a credit taken by a consumer?

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Economy Developement
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The main role of consumer credit is that consumers can purchase goods and services and pay for them later. Consumers can purchase items they need when their funds are low. Consumer credit offers a backup form of payment and one monthly payment.
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Maths Teacher

Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes purchases obtained with credit cards, lines of credit and some loans. Consumer credit is also known as consumer debt. Consumer credit is divided into two classifications: revolving credit and installment...
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Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes purchases obtained with credit cards, lines of credit and some loans. Consumer credit is also known as consumer debt. Consumer credit is divided into two classifications: revolving credit and installment credit. The most common form of consumer credit is a credit card. Economists and other financial analysts frequently measure consumer credit, which serves as an indicator of economic growth. For example, if consumers can easily borrow money and repay those debts on time, then the economy is stimulated resulting in economic growth. read less
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Mathematician

To develop the economy To encourage the overall growth of the "priority sector" To achieve the objective of controlling inflation as well as deflation.
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Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes purchases obtained with credit cards, lines of credit and some loans. Consumer credit is also known as consumer debt. Consumer credit is divided into two classifications: revolving credit and installment...
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Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes purchases obtained with credit cards, lines of credit and some loans. Consumer credit is also known as consumer debt. Consumer credit is divided into two classifications: revolving credit and installment credit. The most common form of consumer credit is a credit card read less
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