Information for the Everyday Man

What is credit ? Simply put, when you pay “by credit,” you are borrowing the money you need to make purchases. In exchange for that financing, you generally agree to pay the lender back the amount you spend or borrow, plus interest. Here are a few of the most common ways we use credit: You are using credit when you make purchases with a credit card or charge card at a retailer and pay your credit card or charge card bill later. You are using credit when you borrow money to buy a home or car and pay back the amount you borrow, plus interest, in monthly payments to the lender.

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