When a person uses the portion of their home that they own outright to take out a loan. This is generally a way to get a large sum of money for a comparably low interest rate. When a person does this, they put their home up for collateral in the event that the loan cannot be repaid.
What’s Better Installment vs Revolving Credit?
Many people need help to optimize their credit usage. They need to understand the differences between installment and revolving credit.