A credit limit is the maximum amount one is able to borrow on a line of credit at any given time. In order to borrow more, the borrower must pay off some of the balance.
Real-life Application: Most credit cards have credit limits.
A credit limit is the maximum amount one is able to borrow on a line of credit at any given time. In order to borrow more, the borrower must pay off some of the balance.
Real-life Application: Most credit cards have credit limits.