Consumer Credit

You may have heard of the consumer credit act, but just what is consumer credit and how does it differ to credit in general?

Well, consumer credit is that which is given to individuals for their personal use and therefore it is distinguished from credit for businesses and for use by businesses.

Anything other than a mortgage for personal use falls under the umbrella term of consumer credit and credit card debt. Therefore a general household loan would fall under the bracket of consumer credit.

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