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Revolving Account

Revolving Account Definition

Revolving Account refers to an account representing debts where the outstanding balance does not have to be paid in full every month by the borrower. Although a specified minimum payment is required by the lender each month. The minimum payment usually includes an interest or service charge. Revolving accounts generally have open terms and payments that vary according to the account balance.


Additional meaning of Revolving Account:

Credit cards are the most common examples of these accounts.


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