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Installment debt is borrowed money that is repaid through fixed or scheduled payments over a specific period. Examples include mortgages, auto loans, and personal loans. Revolving debt, on the other hand, allows you to borrow, repay, and borrow again up to a set credit limit. Credit cards and lines of credit are common examples. Installment debt usually has a defined repayment term, while revolving debt can remain open as long as the account is active and payments are made as required. Understanding the difference can help you choose the right type of credit and manage your overall debt effectively.
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