Unlike credit cards, installment loans are a type of close-ended debt, meaning you can’t borrow as you go. Instead, you ...

Most Americans carry a combination of revolving and installment debt during their financial lifetimes. The journey often starts with a revolving credit card, but it doesn’t end there.

Consumer credit comes in two forms, revolving (or open-ended) and nonrevolving (or on an installment basis until the last payment is made), and either may be secured with collateral or without.