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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.
Related Terms
Federal Deposit Insurance Corporation (FDIC)
A US government agency that protects depositors by providing deposit insurance to banks and other financial institutions.
Federal Reserve
The US central bank, responsible for monetary policy, bank regulation, and government financial services.
Frozen Account
An account that is temporarily inaccessible, often due to suspected fraudulent activity or a court order.