The concept of credit may seem somewhat complicated to understand. The Insider Opinion blog is designed to give you insider information on the credit world and how it works.
What is credit?
Credit is borrowed money used to purchase items from everyday needs to properties. This money must be paid back, typically during a specific period of time. Lenders make a profit from the borrowed money by charging interest, a percentage of the sum of money owed. The interest varies for each line of credit and can change depending on factors such as whether or not you pay on time.
