Legal definition of Revolving account
Credit Repair Legal Terminology

Revolving account

1
These are accounts that require you to pay a minimum payment each month along with the finance charges/interest that has accumulated from one billing cycle to the next. With a revolving account the terms are open or there is no exact fixed date for you to pay off your account. The entire balance, assuming you don't pay it off in full, revolves from one month to the next.
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Christopher J BeesonAttorney at LawPRACTICE AREA: Real Estate Law, Tax Law, Business Law, Trusts & Estate Planning, Industrial Development Law
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