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{| |- | The first one is Revolving credit: this type of credit situation is when a consumer borrows money from a lender and pays it back in one lump sum or makes monthly payments (eg.Visa or Master card), second is Charge credit: this type of credit varies from revolving in that you aren't able to make partial payments. With Charge Credit, you are required to pay back the full amount at the end of the month. And the third one is Installment credit: unlike revolving credit where you have the option to prolong your payback payments, with Installment Credit, you payback your debt in accordance within a predetermined period of time (e.g. mortgage).
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