Open-End Credit Consists of Loans Made on a Continuous Basis

question 113

True/False

Open-end credit consists of loans made on a continuous basis with periodic bills for at least partial payment.

---

Definitions:

Waiting Period

A mandated time interval between when an action is taken and when some related action may occur or when its effect comes into play.

Early Termination

The process of ending an agreement or contract prior to its originally agreed upon conclusion date.

Self-Handicapping

A cognitive strategy by which individuals avoid effort in the hopes of keeping potential failure from hurting self-esteem.

Anticipatory Excuses

Refers to justifications provided in advance of an action to preemptively excuse or rationalize possible failure or poor performance.