what is credit ??

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hari

Joined: 03 Jul 2009
hari's page
Posts: 4

147 Magic Points

Subject: what is credit ??

Fri Jul 03, 2009 2:37 pm

what is means by credit ??
Give me detail

James Orr

Joined: 07 Jun 2009
JamesOrr's page
Posts: 54
Location: Maharashtra

298 Magic Points

Sat Jul 04, 2009 5:00 am

Hi hari,

This is the simple definition of credit. Credit is borrowed money($) that you can use to buy things or product you need when you need them and then repay the funds back at an agreed on the given time.

There are two main type credit.

1) Revolving credit on payment cards can give you access to a fixed amount of money that you can spend as you wish, in a wide range of retailers and other outlets.

2) Mortgages or home loans & personal or shop loans are linked to a specific item or items – for example, a new kitchen, or a house,House improvement.

Thanks & Regards.
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