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credit

From The Columbia Encyclopedia
granting of goods, services, or money in return for a promise of future payment. Most credit is accompanied by an interest charge, which usually makes the future payment greater than an immediate payment would have been. The credit system is founded upon the lender's confidence in the borrower or in his collateral and general possessions. Credit may be classified according to the industry using it, its quality or liquidity, or the length of time for which it is extended. Basically there are two kinds, business and consumer. The chief function of business credit is the transference of capital from those who own it to those who can use it, in the expectation that the profit from its use will exceed the interest payable on the loan. Thus business credit increases the productive power of capital. Consumer credit permits the purchase of retail commodities without the use of cash or with the use of relatively little cash. It is estimated that some 90% of all wholesalers' and manufacturers' …
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Full text Article credit

From Collins Dictionary of Business
a financial facility which enables a person or business to borrow MONEY to purchase (i.e. take immediate possession of) products, raw materials and components, etc. and to pay for them over an extended time period. Credit facilities come in a variety of forms including BANK LOANS and OVERDRAFTS , …
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Full text Article Credit

From Gale Encyclopedia of U.S. Economic History
Credit allows borrowers to buy goods or services or receive money in exchange for repayment with interest in the future. By definition credit generates debt that must be repaid within a specified period. Credit lenders charge borrowers interest to protect against the risk that borrowers might not…
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Full text Article credit

From The Columbia Encyclopedia
granting of goods, services, or money in return for a promise of future payment. Most credit is accompanied by an interest charge, which usually makes the future payment greater than an immediate payment would have been. The credit system is founded upon the lender's confidence in the borrower or in…
| 350 words
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Full text Article credit

From The Macquarie Dictionary
commendation or honour or acknowledgement given for some action, quality, etc. Plural: credits a person or thing being acknowledged as a source of commendation or honour a credit to the team., credits influence or authority resulting from the confidence of others or from one's reputation. Plural: …
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Full text Article credit

From The Chambers Dictionary
esteem; reputation or honour; distinction; good character; acknowledgement or recognition of something contributed or achieved; belief or trust; time allowed for payment; an entry in the right-hand column of an account making acknowledgement of a payment or an obligation to pay in the future ( …
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Full text Article credit

From Collins English Dictionary
n 1 commendation or approval, as for an act or quality: she was given credit for her work 2 a person or thing serving as a source of good influence, repute, ability, etc: a credit to the team 3 the quality of being believable or trustworthy: that statement had credit 4 influence or reputation coming…
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Full text Article credit

From The American Heritage(R) Dictionary of the English Language
a. An arrangement for deferred payment of a loan or purchase: a store that offers credit; bought my stereo on credit. b. The terms governing such an arrangement: low prices and easy credit. c. The time allowed for deferred payment: an automatic 30-day credit on all orders. a. The deduction of a…
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Full text Article Consumer Credit and Credit Cards

From The Oxford Encyclopedia of American Business, Labor, and Economic History
Consumer credit has existed for centuries. The Code of Hammurabi, from around 1700 bce , contains the first written laws regarding consumer credit. Debtors had to repay amounts owed, and Hammurabi specified regulations for debtor–creditor relationships. The Old Testament prohibited charging interest…
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Full text Article credit union

From The Columbia Encyclopedia
cooperative, not-for-profit financial institution that makes low-interest personal loans to its members. It is usually composed of persons from the same occupational group or the same local community or institution. Funds for lending come from the sale of shares to members and from the members' …
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Full text Article Credit Card

From Encyclopedia of American Studies
During the twentieth century the credit card evolved from a cardboard slip identifying the wealthy owner of a store charge account to a high-technology payments-and-credit mechanism, available to most Americans, and usable throughout the world. Its rapid growth in the second half of the century was…
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