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Installment Debt

Any debt that is arranged to be paid back in regular intervals is installment debt. This type of debt is available for a wide variety of products. It is used most often for products that have a large value that are being purchased by individuals who do not have the full amount needed for the purchase. For instance, when buying car, most often individuals have monthly payments for years following to pay for the vehicle, rather than having paid in one lump sum. In this way, often times companies make a greater profit on their products. The total of the regular payments made is most often greater than the initial cost of the product. However, the method allows individuals to own things that they otherwise may not be able to own for years, or at all.

Fast Facts

  • Payment plans for things like electronics are forms of installment debt.
  • Installment debts can carry risk if the individual's financial income is not stable.

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