consumer credit

noun

Definition of consumer credit

: credit granted to an individual especially to finance the purchase of consumer goods or to defray personal expenses

Examples of consumer credit in a Sentence

Recent Examples on the Web Recent research from the CFPB shows that Americans had racked up $88 billion in medical debt on consumer credit records as of June 2021. Tami Luhby, CNN, 11 Apr. 2022 There's a variety of notable changes included in the overhaul of the medical debt reporting policies just announced by the three consumer credit bureaus. Nafeesah Allen, Health.com, 29 Mar. 2022 Starting July 1, the agencies will no longer include medical debt that went to collections on consumer credit reports once it has been paid off. Tami Luhby, CNN, 11 Apr. 2022 As much as 70% of medical collection debt is being removed from consumer credit reports. Nafeesah Allen, Health.com, 29 Mar. 2022 Nobody is waving a magic wand to make all of those IOUs disappear, but the three big credit-reporting bureaus this month pledged to purge a substantial amount of negative medical-debt information from consumer credit files. Russ Wiles, The Arizona Republic, 27 Mar. 2022 Beginning July 1, paid medical debt will no longer be included on consumer credit reports. NBC News, 18 Mar. 2022 These changes will erase nearly 70% of medical collection debt from consumer credit reports. Zack Friedman, Forbes, 18 Mar. 2022 Auto loans are already the third-largest consumer credit market in the United States, at more than $1.46 trillion, double the amount from 10 years ago, the CFPB said. Washington Post, 2 Mar. 2022 See More

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'consumer credit.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of consumer credit

1925, in the meaning defined above

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Time Traveler for consumer credit

Time Traveler

The first known use of consumer credit was in 1925

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Dictionary Entries Near consumer credit

consumer confidence

consumer credit

consumer debt

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Statistics for consumer credit

Last Updated

2 May 2022

Cite this Entry

“Consumer credit.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/consumer%20credit. Accessed 26 May. 2022.

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More Definitions for consumer credit

consumer credit

noun

Legal Definition of consumer credit

: credit extended by merchants or banks to finance the purchase of consumer goods (as home appliances) or services (as travel or hotel accommodations) — compare consumer debt at debt

More from Merriam-Webster on consumer credit

Britannica.com: Encyclopedia article about consumer credit

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