anonymous user


What does revolving debt mean?



Lori Galin

Revolving debt usually refers to credit card debt. This is debt that changes from month to month as people make purchases and make payments. It is therefore differentiated from the type of debt people have when they borrow a defined amount of money at a given time like for a personal loan or to buy a car or a house.

Revolving debt is money owed to a creditor who sets your monthly payment based on the current balance. Credit cards or retail store cards are examples of revolving credit.

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