What are the types of installment debt?

Installment debt refers to loans that are repaid over time through regular payments or installments. Common types include personal loans, auto loans, mortgages, and student loans. Each of these loans typically has a fixed repayment schedule and interest rate, allowing borrowers to plan their payments over the life of the loan. Installment debt contrasts with revolving credit, such as credit cards, where the borrowing limit can fluctuate.