What is credit, and how can it be useful to consumers

QUESTION POSTED AT 16/04/2020 - 06:44 PM

Answered by admin AT 16/04/2020 - 06:44 PM

Credit is virtually money you're borrowing. You don't really have it, but you spend it with the promise to repay it later. It's useful to consumers because they can buy things they need or want without the need to count their savings. They borrow the money using credit and pay it back at a distant time.
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