What is Credit?

Well let's take a few seconds to talk about it and its uses.

The Basics:

Credit is the ability to purchase goods or services before payment; with the promise that payment will be made later in the future. Otherwise known as: "Buy now and pay later." There are two forms of credit: loans, and credit cards. When it comes to using credit it isn't free; there are fees that have to be pain such as Interest (APR). In order to determine your creditworthiness a credit report has to be made. This report shows your credit history such as your reliability to pay back lenders, and personal loans. The report also gives you your credit score; a score that shows how good your credit reliability is. This report is made by credit bureaus which keep track of every adults history with credit.