Glossary Of Debt Management & Financial Terms
Credit
Money, products or services offered subject to the repayment of the agreed amount at a later date, normally with interest and often by instalments.
An agreement between a creditor and debtor, where monies, products or services are given in advance before any payments have been made in exchange for them. These payments are then usually made over a set period of time by installments and interest is usually charged on the initial monies borrowed.
See Debtor and APR.
