Question

What is meant by credit? What does it include?

Answer 1

s the trust which allows one party to provide money or resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead 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.[2]

Answer 2

Consumer credit.....the cost of credit is the additional amount, over andabove the amount borrowed , that the borrower has to pay. it includes interest, arrangement , fess and any other charges.

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