What is credit? Do you really know and understand that credit is a business, and that if you are not a good business risk, you will not able to get credit? If you have ever had credit, then you understand that getting it and maintaining it are essential to your financial success.
Credit, by definition, is the extension of financial resources to you by a third party, under a contract, that dictates that you will repay the amount of the credit you use (with interest). Credit can be acquired with security or without (on your good name). Acquiring credit of itself does not create the debt. You become indebted when you actually use the credit. For example, when an investor extends credit to you in the amount of $10,000.00 (the amount is insignificant) and you use all $10,000.00, you have created a debt position with the investor for the $10,000.00. However, if you only use $1.00, you only pay back $1.00.
There are various types of credit for different purposes. The lending agreement sets the amount of credit to be extended and the terms for repayment. It is fundamental that you comprehensively understand the terms and conditions of every contract you agree...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
