ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Credit is when goods, services, or money is received in exchange for a promise to pay a definite sum of money at a future date. Debt Management is simply creating a plan to repay debt in a productive way. A credit score is a prediction of how likely you are to pay your bills.

Detailed explanation-2: -Credit. An agreement to obtain money, goods, or services now in exchange for a promise to pay in the future. Creditor. Lends money or provides credit. Interest.

Detailed explanation-3: -Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. It’s a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame.

Detailed explanation-4: -As long as it meets those precedents, a promissory note is a legitimate, legally binding contract. A promissory note can be a simple agreement regarding the terms of the loan from one person to another. In addition to loans, individuals can use promissory notes during a private vehicle transaction.