Revolving Debt And Credit Financial Glossary

What is it? Revolving credit is credit that is repeatedly available up to a specified amount as periodic repayments are made. Revolving debt is the total amount of the credit that has actually been used and is outstanding at any given point in time. For purposes of a real estate loan application, revolving debt payments refers to the minimum periodic payments that are required to repay the current outstanding balance under a consumer revolving payment plan. Examples of consumer credit plans that provide revolving credit include major bank cards, such as American Express, Visa, MasterCard and Discover, and department store and gas cards.

Finance Term Definition Added By: Dominic

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