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Credit
The ability to borrow money or to purchase goods or services on the promise of future payment.
More Details
Credit is a financial tool that allows individuals and businesses to borrow money from lenders in order to make purchases or investments. The money must be paid back to the lender, along with any interest or fees that may be due.
Example
If you want to buy a new car but do not have enough cash on hand to pay for it outright, you may take out an automobile loan which is a type of installment credit.
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