Question by AmericanPsycho: Am I the only one who feels that the term “line of credit” is an ambigious and annoying?
The banking industry term “line of credit” makes my blood boil for some reason. First, it is an ambigious terms that can refer to any number of things, but mostly relates to home collatoral loans, why not just call it that?! Most people have no idea what it means for good reasons, but the banking industry insists on stuffing the term down our throats via commercials and advertising.

Best answer:

Answer by eagleperch
Yes.

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Question by Russell: How does the interest work on a “personal line of credit?”?
If you are approved for a “personal line of credit” from a bank or somewhere else, how does the interest rate work? Is the rate fixed or can it go up and down?

Best answer:

Answer by MVD34
Most of the time it is variable — it goes up and down: monthly, quarterly, yearly…

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