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.
The term "Line of Credit" is used to refer to a lot of things. I work at a Credit Card company and the term "Line of Credit" and "Credit Limit" and "Credit Line" are all interchangeable. There are a lot of terms that the banking industry use that are ambiguous and not direct. "Finance Charges" should just be called "Interest", "Pre-Approved", and "Pre-Selected" mean different things but yet both are meaningless, and they should both be abolished, and never used again. The list could go on forever. The banking industry is far from perfect and never will be...he he he ha ha ha I so feel you on that.
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