Credit is a financial transaction in which it makes available a sum of money to a specified limit and for a period of time.
In a credit ourselves manage the money through the provision or withdrawal of money and income or return of the same, attending to our needs at all times. This way we can redeem part or all of the debt when we see fit, with the consequent deduction of interest payments.
Furthermore, by allowing the money we have paid to the lender about fees and interest at some agreed conditions. In a credit only pay interest on capital employed, the remaining money is available to us but without necessarily having to pay interest. Reached the term of maturity of the loan can be renegotiated for renewal or extension.
The purpose of the credit cover, currents and extraordinary at specific times of illiquidity. The loan usually involves opening a checking account. There are two types of credit: credit accounts and credit cards.
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Author: Megan A. Lloyd
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