Definition - What does Consumer Credit mean?
Consumer credit in simple terms maybe defined as the trust due to which one party provides resources to another party and where the receiver of the resources doesn’t have to pay immediately. They pay at a suitable, flexible time later.
Justipedia explains Consumer Credit
Consumer credit is the extension given to the individual consumers for the purchase of services and goods. Consumer credit usually includes lines of credit, purchases made on credit card, installment agreements, and a few other types of loans.