| In terms of financial matters, what is the difference between a credit and a debt |
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Griffin
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Please elaborate by not just providing definitions... tangible examples may help. Thanks!
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Norm
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Credit is the amount of money banks are willing to lend you for a predetermined amount of time, with a predetermined amount of compensation (interests). Debt is how much money you already owe to the banks (or someone else for that matter).
In the end the net result to you is the same. You are owing money to someone or some banks. And you have to pay them some money to encourage them to lend you the money.
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