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Credit definitionQuestion What is the definition of "credit"?
Answer Credit, in financial terms, is a loan and it comes in many forms. For example:
- Credit cards - A line of credit from a lending institution - An open account with a store or vendor - Payment terms on purchases (e.g. 30 days) - A real estate mortgage - An automobile loan Businesses use credit ratings and other information to decide whether or not to grant credit, and at terms that correspond to the risk of default. 
Brain Trust contributor:
Author of Instant Profits: Making Your Business Pay
Related Categories: Accounting, Finance, Taxes, Banking, Cash Managment, Credit, Customer Care, Financial Planning, Management
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