Question

The ability to borrow money is termed as?​

Answer 1

Answer:

This ability to borrow money is called having credit. ... The money you owe is called debt. The money you borrow is yours to spend, but remember: when you borrow money, you're taking on a real responsibility to pay the money back! You need to make monthly loan payments and usually have other costs called interest and fees.

Answer 2

Explanation:

This ability to borrow money is called having credit. ... The money you owe is called debt. The money you borrow is yours to spend, but remember: when you borrow money, you're taking on a real responsibility to pay the money back! You need to make monthly loan payments and usually have other costs called interest and fees.