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Credit is money granted by a creditor or lender to a debtor or borrower, who defers payment of the debt. In exchange for the credit, the lender gets back the money, usually paid on a monthly basis, plus interest. ... Modern society is dependent upon credit to generate sales; it enables people to have the things they want and need, but cant afford to pay for right away. ... In order that creditors make credit available, they are allowed to charge interest, often referred to as a finance charge. For example, if a lender gives you $10 worth of credit, s/he might expect to be repaid $11 within the next two months; the extra dollar is the interest charged for the loan.
You are most likely already familiar with the concept of "credit," the reputation for paying your bills on time that makes it possible for you to obtain money or goods with the understanding that you will pay for them later.
Approximate Word count = 749
Approximate Pages = 3
(250 words per page double spaced)
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