The Basics of Credit
What are the forms of credit? Personal loans, credit cards, house loans, student loans.
What costs are associated with credit? Interest APR could go up and end up having a bad credit score or credit report because of the late fees on your credit card payments.
What determines if someone gets credit and how much they get? By the 4 C's: Creditworthiness, character, collateral, and capacity. Also from looking at their credit score, credit bureau .
A lender gives (money) on condition that it is returned and that interest is paid for its temporary use.
Interest (APR) is annual percentage rate: the annual rate of interest; the total interest to be paid in a year divided by the balance due.