Online Credit Reports Home : Credit Score : Glossary : Tips : Faqs : Info : Contact : Articles : : Testimonials Home : Credit Score : Glossary : Tips : Faqs : Info : Contact : Articles : : Testimonials Consumer Credit (redirected from Credit reports) Short- and intermediate-term loans used to finance the purchase of commodities or services for personal consumption. The loans may be supplied by lenders best credit report New York in the form of cash loans or by sellers in the form of sales credit.
Installment loans, such as automobile loans and credit-card purchases, are paid back in two or more payments; noninstallment best credit report New York loans, such as the service credit extended by utility companies, are paid back in a lump sum. Consumer loans usually carry a higher rate of interest best credit report New York than business loans. credit granted to the best credit report New York population for purchasing consumer goods or services.
In capitalist nations, consumer credit is granted by commercial enterprises (in the form of deferring payment by the buyer for the purchase) and banks and other best credit report New York credit and financial institutions.
The commercial enterprises that provide credit directly to purchasers then turn to the banks for credit. Thus banks are the basic creditors in the area of consumer credit. For instance, around 60 percent of the total consumer credit debt in the United States best credit report New York at the end of the 1960s, counting direct and indirect crediting, was held by the commercial banks. free all 3 credit reports
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The bank makes the loans best credit report New York at a rate of 1012 percent per annum and often even more. This rate is a heavy burden on the consumers and creates colossal profits for the monopolistic banks.
Consumer credit in the capitalist nations, particularly in the United States, has steadily increased. At the end best credit report New York of 1970, the total debt of US consumers was $124 billion. Around 14 percent of the after-tax personal income of the US population is spent each year to retire consumer loans. The accelerated growth best credit report New York of consumer credit is related to the limited effective demand of the population best credit report New York and to chronic difficulties in selling goods best credit report New York under the conditions of modern capitalism. Under socialism, consumer credit is provided to best credit report New York the population by the state, cooperative, and trade organizations for pur-chasing personal consumer best credit report New York products (such as refrigerators, television sets, radios, motorcycles, sewing machines, photo-graphic equipment, timepieces, rugs, and woolen and silk textiles). check credit report online From best credit report New York 1961 to 1971 in the USSR, the volume of credit sales to the public in state and cooperative trade rose best credit report New York almost 3.4 times and in 1971 was around 3.8 billion rubles.
Varieties of consumer credit include pawnshop credit and credit through mutual aid funds. In buying goods on credit, the purchaser puts up 2025 percent of the price in cash.
Depending upon the type of goods, the balance is paid over six to 12 months in equal installments.
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