A line of credit is nothing but it allows you to access more funds than is available in your bank account. If your bank account is $ 10,000 and your line of credit is $ 15,000 then you can withdraw $ 25,000 from your bank account. Sometimes, it is also called overdraft account.

 The additional $ 15,000 that is withdrawn from your account will show as negative $ 15,000 in your account. This is not free money. It has to be paid back to the bank. So, be careful.

Several banks prov...
Read the rest of this entry »