Question

what do you understand by the term of credit how can different credit arrangement have have of different impact on the life of a different impact on the life of a borrower explain with help of example

Answer 1

credit is  an agreement in which the lender agrees to supply the borrower with service , goods , money etc with the promise of future return .credit can have a positive or a negative effect on the borrower depending on whether there is any support in case of failure . the credit can also push a person in a debt trap from where recovery is very painful .