The Basics of Credit – What it is, why it’s so important

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Credit Basics – What exactly is Credit?

Credit, in financial terms, is defined as:

  1. “A means of borrowing money from a person or company and returning it at a later date, usually with accrued interest charged on top of the initial sum borrowed.”
  2. “A privilege granted for the purpose of extending time to make payment on a debt.”
  3. “The promise to pay in the future in order to buy or borrow in the present. The right to defer payment of debt.”
  4. “An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.”
  5. “Reputation for
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