Revolving credit is a type of credit that does not have a fixed number of payments, in contrast to installment credit. Credit cards are an example of revolving credit used by consumers. Corporate revolving credit facilities are typically used to provide liquidity for a company's day-to-day operations. They were first introduced by the Strawbridge and Clothier Department Store.
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Famous quotes containing the words revolving and/or credit:
“An English family consists of a few persons, who, from youth to age, are found revolving within a few feet of each other, as if tied by some invisible ligature, tense as that cartilage which we have seen attaching the two Siamese.”
—Ralph Waldo Emerson (1803–1882)
“To give money to a sufferer is only a come-off. It is only a postponement of the real payment, a bribe paid for silence, a credit system in which a paper promise to pay answers for the time instead of liquidation. We owe to man higher succors than food and fire. We owe to man.”
—Ralph Waldo Emerson (1803–1882)