About Credit

"Credit" as the word implies; It is an agreement that involves a financial firm and borrower, in which the borrower has the opportunity to obtain a certain amount of money from the financial institution over a period with an accrued interest on the outstanding balance. It is usually called a pay later system.

This gives the borrower the opportunities to utilize the money for several purposes they might not be able to afford on a normal circumstance.

As it is easier for the creditor to issue money to the borrower, so it is hard sometimes for the borrower to repay in due time; owing to the fact interest is being charged while borrower utilizes this money; this thus leads to taking too much debt resulting in a lifetime of damage.

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