October 12, 2018

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Money and Credit

Money and Credit

Credit is any form of deferred payment. For example, if you purchase on a credit card – a bank effectively pays on your behalf – anticipating you will pay back the amount to the credit card company in six weeks time.

If a bank lends money to a consumer, this is a form of credit. The consumer is given money, which it later has to pay back to the bank.

 

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