Short term loans to the public for the purchase of specific goods. Consumer credit takes the form of credit by shopkeepers and other suppliers, credit accounts, personal loans and hire purchase. overdrafts, money lenders and other private sources of borrowing are not referred to as consumer credit, either because they are not tied to the purchase of specific goods or because they are long-term loans, e.g. mortgages.
|Reference: The Penguin Dictionary of Economics, 3rd edt.|