Social Sciences, asked by praatteeek, 1 year ago

what is credit how does credit play a vital and positive role explain with an example

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Answered by Pickeyleo

Credit plays a crucial role in a country's development. By sanctioning loans to developing industries and trade, banks provide them with the necessary aid for improvement. This leads to increase in the production, profits and employment.

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Answered by alishass

hey friend

the answer goes like this

CREDIT:- it is an agreement in which the lender supplies the borrower with money goods or services in return for the promise of future payment.

it plays both for profitable and unprofitable role.

it is so because for example if a person takes a loan or credit and if the person is not able to pay the full payment then he or she can go and debt traps.
(Dept trap is a situation where the borrower is unable to repay the loan.)

Credit plays a crucialrole in a country's development. By sanctioning loans to developing industries and trade, banks provide them with the necessary aid for improvement. ... Credit plays a crucialrole in a country's development.

Every credit or loan Agreement specified interest rate with other demand.

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alishass: :D

praatteeek: ooops

praatteeek: i want the answer in detail plzzz

alishass: what does your question actually needs

praatteeek: in the question it is said that "how does credit plays a vital and positive role"

praatteeek: i want the proper define and this vital and positive role

alishass: oh ok

alishass: I have edited the answer plzz do check

alishass: :=

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