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What is Credit?
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A simple definition
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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 the service.
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Money isn't everything - You need credit too
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Credit = opportunities. Credit is what allows you to purchase:
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- Appliances
- Cars
- Homes
- and more
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Without credit, you would need a full cash payment to buy an $800 refrigerator, a $25,000 car, or even a $150,000 house!
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Credit grows the economy. By providing credit to consumers, businesses get to sell more goods and services, which creates more jobs and grows the economy.
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(c) Copyright 2010 TransUnion Interactive All Rights Reserved.