Credit is the money that a person borrow from a creditor, such as a bank or cooperative, credit card issuer, a shop or an informal moneylender.

The credit can be spent according to the needs of its use or investment, but is conditioned to it being paid in an amount and within an agreed deadline.

Credit gives economic opportunities to those who do not have enough money, but they need to invest. It is a useful doorway to financial independence, but it is a financial responsibility which should be taken seriously.

The components of credit are the credit itself, the debt that is incurred with each loan, and the history that increases with the time.

DEBT: It consists of the amount of money you have used but not yet paid to the credit issuer 

DEFAULT/CREDIT DEFAULT: It is the failure to pay the debt.