Which of the following options is designed for long-term consumer credit?
A) Credit cards
B) Installment accounts
C) Open charge accounts
D) Revolving charge accounts

Question

Quizplus · Accepted Answer

Installment accounts are designed for long-term consumer credit as they require regular and fixed payments over a set period of time to pay off the loan. Credit cards, open charge accounts, and revolving charge accounts are typically used for short-term credit and have different payment structures.

Which of the Following Options Is Designed for Long-Term Consumer