running account credit


Also found in: Dictionary, Thesaurus, Financial, Wikipedia.

running account credit

a facility under a personal credit agreement whereby the debtor is enabled to receive from time to time (whether in his own person or by another person) from the creditor or a third party cash, goods and services (or any of them) to an amount in value such that, taking into account payments made by or to the credit of the debtor, the credit limit (if any) is not at any time exceeded.