Question

what is credit? how can credit be both an asset as well as debt trap​

Answer 1

Answer:

Credit is generally defined as an agreement between a lender and a borrower, who promises to repay the lender at a later date—generally with interest. ... In accounting, a credit may either decreases assets or increases liabilities and equity on a company's balance sheet.

Explanation:

And credit usually denotes the source of another account. We debit the account when the asset/expenses account increases and the liability/income account decreases.

Answer 2

Explanation:

credit are known as loans

loans can be an asset as well as a debt trap

loans can be useful for the people who need loans for various things they are an asset for those who need

debt trap

they can be debt trap for the poor people who informally take loans from the landlord or moneylenders they take loans on loan due to some circumstances