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Whats the difference between installment and revolving debt?

April 26, 2017debt installment revolving

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Whats the difference between installment and revolving debt?

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Installment debt refers to a loan in which you repay a set amount on a regular basis that will pay off the entire loan in a specified amount of time. This may be a car loan, student loan etc. Revolving debt has no set term or payment, i.e. credit cards.