BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A creditor refers to a party involving an individual, institution, or the government that extends credit or lends goods, property, services, or money to another party known as a debtor.

Detailed explanation-2: -A creditor is an individual or institution that extends credit to another party to borrow money usually by a loan agreement or contract. Creditors such as banks can repossess collateral like homes and cars on secured loans, and take debtors to court over unsecured debts.

Detailed explanation-3: -The difference between a debtor and a creditor is that the creditor is the one who lends money in a credit relationship, and the debtor is the one who borrows it.

Detailed explanation-4: -Generally speaking, a creditor is a supplier: a person, organisation or other entity that sells a product or service as their business. This means that all retailers are creditors because they sell products or services.

Detailed explanation-5: -The creditor (aka the lender) lends money or issues credit to the debtor (aka borrower). The debtor then has a contractual obligation to pay back the debt, often with interest. If the borrower fails to pay back the debt, the creditor might have legal recourse and the ability to take the debtor to court.