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Consumer credit covers many short and intermediate-term credit extended to individuals that include revolving credit (related to the credit card and balance outstanding on unsecured lines of credit) and non-revolving credit like secured and unsecured credits for automobiles, trailers, mobile homes, durable goods, other purposes and vacations. Consumer credit excludes loans related to real estates like mortgage, home equity and others).
Revolving consumer credit is called "open-end" and non-revolving is referred to as closed-end.
An open-end transaction is the one where it is likely to repeat transactions where the creditors may impose a finance charge on the outstanding balance and the amount of credit or a limit-less amount is generally available to the borrower at any time during the term.
Such terms are used in Regulation Z where the financial regulation define consumer credit extended under a plan where the creditor may impose a financial charge from time to time on an outstanding unpaid balance and the amount of credit may be extended to the consumer during the term of the plan.
In such transactions, the creditor must make certain disclosures where they need to provide details in writing in a form.
One such transaction is the home equity line of credit and another is a credit card. Such transactions need the user to give disclosures or to apply to open the account where they provide the following details.
The billing statement includes
The user gets billing rights – where they can dispute the information on the card bill in 60 days (limited period) where the notice must include the name, account details and error amount.
Many such lenders provide attractive benefits like travel discounts and extra protection of the lost or stolen items to encourage the use of such cards.
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