Credit

Credit has a number of meanings in financial terms. Getting credit refers to a situation whereby you receive goods or services and have an arrangement to pay for them at a later date. A loan is also a form of credit; the bank essentially gives you money upfront, and you pay it back over an agreed period of time.

Credit is also a term used in accounting; it is an entry referring to an amount of money that has been received, and is generally recorded on the right side of the account, with debits (monies out) on the left side.

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