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Thread: line of credit

  1. #1
    unpakwon is offline Senior Member
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    line of credit

    Would you please explain the following in bold more easily?

    Eventually the budget overruns topped $6 million. Disney insisted Steve insure the picture's completion by taking out a $3 million line of credit, using his personal assets as collateral.

    Thank you.

  2. #2
    SoothingDave is offline VIP Member
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    Re: line of credit

    When a bank loans you money it can be referred to as a "line of credit."

  3. #3
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    apex2000 is offline Senior Member
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    Re: line of credit

    This is an arrangement whereby the person who asks for the line of credit is seeking assurance that he can call on a loan up to the total amount if he needs it. He does not have to take out a loan but he does need to show another party that he is good for the money if he is called upon to pay up.

  4. #4
    SoothingDave is offline VIP Member
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    Re: line of credit

    Yes, that's a better explanation. A line of credit is money available for you to borrow.

  5. #5
    unpakwon is offline Senior Member
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    Re: line of credit

    It's been a big help.

    Thank you all.

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