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Credit is the trust which allows one party to provide resources to
another party where that second party does not reimburse the first
party immediately (thereby generating a debt), but instead
arranges either to repay or return those resources (or other
materials of equal value) at a later date. The resources provided
may be financial (e.g. granting a loan), or they may consist of
goods or services (e.g. consumer credit). Credit encompasses any
form of deferred payment.[1] Credit is extended by a creditor,
also known as a lender, to a debtor, also known as a borrower.
Credit does not necessarily require money. The credit concept can
be applied in barter economies as well, based on the direct
exchange of goods and services (Ingham 2004 p.12-19). However, in
modern societies credit is usually denominated by a unit of
account. Unlike money, credit itself cannot act as a unit of
account.
Movements of financial capital are normally dependent on either
credit or equity transfers.
