What are credit institution?mention their two categories and explain one of them in detail
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Answer:
A credit card is a common form of credit. With a credit card, the credit card company, often a bank, grants a line of credit to the card holder. The card holder can make purchases from merchants, and borrow the money for these purchases from the credit card company.
Domestic credit to private sector in 2005
Credit (from Latin credit, "(he/she/it) believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date.[1] In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people.
The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment.[2] Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower.What are credit institution?mention their two categories and explain one of them in detail
Explanation:
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Answer:
Explanation:An institution that provides a great variety of financial services is credit institution .
Open-End & Closed-End Credit Options