Question

what is credit? [class X CBSE Economics ]

Answer 1

The Credit refers to an agreement under which  goods and services, or money is exchanged against a promise to pay later.  This agreement is largely based on trust.

Another definition of Credit refers to the money given by banks to its customer and the later has to pay it on time. If he fails to pay the same on time, he will be charged by the bank.

Answer 2

Answer:

Credit refers to the status of a person on the basis of which a bank or institution is ready to give loan.