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What is Credit?

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What is Credit?

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Sooner or later, almost everyone needs to use credit. Credit lets you use goods and services while you pay for them. Credit is not increased income, a way to buy what you can’t afford, unlimited, or free. Activity Answer yes or no to each phrase below.

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You are granted credit when an organisation or individual makes a sum available for you to borrow. There are two main types of credit.

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A. Credit is the term used to describe a transaction in which a person receives merchandise, money or services for little or no money up front, but promises to pay an agreed upon amount of money, in an agreed upon amount of time in the future. Usually, the person or company that gives credit to a person charges a fee for providing this service.

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