Definition of

Credit

Credit
Credit is the trust that lets people give things (like goods, services or money) to other people, in the hope they will repay at a future date.

Example:
Dale has a watch worth $50, and Jade wants it.
But Jade can't pay straight away, so Dale lets Jade have the watch on $50 credit.
Now Jade has the watch, and a $50 debt to Dale.
 
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