The term “billing cycle” refers to the recurring process by which debt is generated and settled. The term is most commonly used in reference to revolving credit such as that provided through charge cards and credit cards.
The first stage in a typical billing cycle is the purchase of goods or services on credit. In the second stage, the creditor bills the borrower for the goods or services purchased. In the third stage, the borrower settles their debt by repaying the credit.
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