ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Credit (loan) refers to an agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment.

Detailed explanation-2: -Credit – the ability to borrow money in return for a promise of future payment.

Detailed explanation-3: -The definition of credit is the ability to borrow money with the promise that you’ll repay it in the future, often with interest. You might need credit to purchase a product or use a service that you can’t pay for immediately.

Detailed explanation-4: -Credit allows you to get money upfront with the promise to repay it in the future, often with interest. Creditworthiness refers to a borrower’s ability to pay what they’ve borrowed. Lenders judge creditworthiness in many different ways, and they may use things like credit reports and credit scores to help.

Detailed explanation-5: -if you owe someone money, you have to give them a particular amount of money because you have bought something from them or have borrowed money from them. Money that you owe is called a debt.