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C25 What is Credit?

AB
creditAn agreement to get money, goods, or services now in exchange for a promise to pay in the future.
creditorOne who lends money or provides credit.
debtorOne who borrows money or uses credit.
interestA fee charged for the use of money.
consumer creditCredit used by individuals for personal reasons.
commercial creditCredit used by business.
credit ratingA measure of a person's ability and willingness to pay debts on time.
charge accountCredit provided by a store or company for customers to buy its products.
revolving accountA form of credit which allows one to borrow or charge up to a certain amount of money and pay back a part of the total each month.
installment loansLoans repaid in regular payments over a period of time.



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