Definition of line of credit in US English:

line of credit

phrase

  • An amount of credit extended to a borrower.

    • ‘But customers can now access information about their lines of credit directly over the Internet.’
    • ‘Credit issuers will provide households with lines of credit for thousands of dollars-often based on limited information about the consumer and their credit status.’
    • ‘When mortgage rates were at rock bottom in the 1990s, many homeowners took out home equity loans and lines of credit to consolidate their debts.’
    • ‘Eliminate as much debt as possible, especially ‘variable rate’ debt, such as credit cards and lines of credit.’
    • ‘Upon reading my business plan, my bank went on to extend my business a $25,000 unsecured line of credit.’
    • ‘In recent years, many homeowners have used home equity lines of credit to pay off credit cards, make home improvements or pay college tuition.’
    • ‘In the age of brokerage accounts, credit cards, home equity loans, lines of credit and mutual funds, bank deposits are virtually useless as an indicator of available buying power.’
    • ‘However, the addition of a new line of credit could also hurt your credit score.’
    • ‘Loans, lines of credit, and credit cards - like play money - give us the illusion that we have money when we don't, and debt becomes a way of living.’
    • ‘Consumers who are juggling mortgage rates, lines of credit, car and boat loans will be watching with interest this week as the Bank of Canada considers raising borrowing costs.’