For an open-ended credit account a credit limits is set by the lender and represents the maximum outstanding debt allowed on the account.

Name: For an open-ended credit account a credit limits is set by the lender and represents the maximum outstanding debt allowed on the account.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A credit limit is set by the lender and represents the maximum amount of outstanding debt allowed on the account. This limit can be adjusted by the lender based on the borrower's credit history and other factors.

For an Open-Ended Credit Account a Credit Limits Is Set