If you are conducting a seminar on credit management in Canada, and your participants have limited knowledge of financial terms. In your seminar, you want to explain the differences between revolving credit and installment credit, along with their respective features and implications. Provide a comprehensive response that covers the following points:

Definition and Characteristics of Revolving Credit: Define what revolving credit is and outline its main characteristics. Include examples of common forms of revolving credit in Canada.

Definition and Characteristics of Installment Credit: Define what installment credit is and highlight its key features. Provide examples of typical installment credit arrangements used by Canadians.

Key Differences between Revolving and Installment Credit: Identify and elaborate on at least three fundamental differences between revolving and installment credit. Explain how these differences impact credit usage, repayment, and interest calculations.

Situational Examples: Present two scenarios in which a Canadian individual might prefer using revolving credit over installment credit, and vice versa. Justify your choices based on the features and benefits of each type of credit.