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Definitions for: consumer credit
consumer credit

debt assumed by consumers for purposes other than home mortgages. Interest on consumer loans had been 100% deductible until the tax reform act of 1986 mandated that the deduction be phased out by 1991. Consumers can borrow through credit cards, lines of credit, loans against insurance policies, and many other methods. The Federal Reserve Board releases the amount of outstanding consumer credit on a monthly basis.

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