Revolving Liability

A creditThe ability of a person to borrow money, or buy good by paying over time. Credit is extended based on arrangement, such as a credit cardAn instrument or device, whether known as a credit card, credit plate or any other name; issued (with, that allows a customerUser of health care services, such as patients getting care or providers getting support services from to borrow against a preapproved line of creditAn agreement whereby a financial institution promises to lend a certain amount of money without the when purchasing goods and services. The borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note. is billed for the amount that is actually borrowed plus any interestThis is the amount that is imposed when payment is remitted after the due date. due.