What is credit?
First off a lot of people don't know what credit is. It basically is the ability to borrow money in return for a promise of a future payment. A motto for credit is "Buy Now...Pay Later." To get credit you need to develop a credit report and maintain a good one.
What are the forms of credit?
What costs are associated with credit?
What determines if someone gets credit and how much they get?
What is a credit card?
Many of you know about basic credit cards like VISA, MasterCard, Discover, or AMEX. However, do you know what they do? Well, they allow you to purchase goods or services that you don't have the money for on the spot. Instead of paying the full amount on the spot you'll pay monthly payments (for a car, house, etc.) or you'll get billed. There are two credit card accounts either a regular charge account, pay the full balance, or a revolving charge account (carry a balance month to month).