Which option is designed for long-term credit?
A)Credit cards
B)Instalment accounts
C)Open charge accounts
D)Revolving charge accounts

Question

Quizplus · Accepted Answer

Instalment accounts are designed for long-term credit as they involve making regular payments over a fixed period of time, such as a car loan or a mortgage. Credit cards, open charge accounts, and revolving charge accounts are all forms of short-term credit.

Which Option Is Designed for Long-Term Credit