A credit is the ability to borrow money or obtain goods and services with the understanding of repaying the borrowed amount at a later date.
A credit involves a financial arrangement where a borrower is granted access to funds, often with interest. It can be extended through credit cards, loans, or other financial instruments.
A positive credit history, reflecting timely repayments, can enhance one’s creditworthiness, making it easier to secure future loans. However, mismanagement of credit may lead to financial challenges and negatively impact one’s credit score.
