To what do the terms non-revolving and revolving refer?
Checking accounts
Credit
Loans
Bankruptcy
Non-revolving and revolving refer to types of credit.
- Non-revolving credit refers to a type of credit that does not replenish once it has been used, such as an installment loan. Once the borrower repays the loan, the account is closed.
- Revolving credit refers to a line of credit that can be used repeatedly as long as the borrower continues to make payments. Examples of revolving credit include credit cards and home equity lines of credit.