Identifying Types of Consumer Credit

What type of consumer credit is typically used for everyday purchases and has a revolving credit limit?

• Personal loan

• Payday loan

• Debit card

• Credit card

Which type of consumer credit is often used for large purchases like homes or real estate?

• Mortgage

• Credit Card

• Student Loan

• Personal Loan

What type of consumer credit is specifically used for purchasing a vehicle?

• Student loan

• Auto loan

• Personal loan

• Home loan

Which consumer credit option is known for its high interest rates and short repayment terms?

• Payday loans

• Mortgages

• Credit cards

• Personal loans

What type of consumer credit is often used for emergency expenses and has a very short repayment period?

• Credit cards

• Student loans

• Payday loans

• Personal loans

Which type of consumer credit is unsecured and can be used for various personal expenses?

• Credit card

• Home equity loan

• Payday loan

• Personal loan

What type of consumer credit is secured by the purchased vehicle itself?

• Auto loan

• Mortgage

• Personal loan

• Credit card

Which consumer credit option is known for its fixed interest rates and long repayment terms?

• Payday loan

• Personal loan

• Home equity loan

• Credit card

What type of consumer credit is secured by the purchased property itself?

• Mortgage credit

• Credit card

• Student loan

• Personal loan

Which type of consumer credit is often associated with high fees and interest rates?

• Personal loans

• Payday loans

• Student loans

• Mortgages