“Credit” is an arrangement for deferred payment of a loan or purchase so a buyer (borrower) does not have to produce an entire lump sum equal to the purchase price in order to gain possession of the item purchased. When not abused, credit is a valuable tool that allows the buyer / borrower the ability to pay for items over time thus leveraging their current assets savings.  Credit is granted by ‘Grantors” based upon their belief of the borrowers ability to make timely payments in an agreed manner. Based upon factors such as past payment history current income, and current financial obligations, a Grantor will make a decision whether or not to grant an applicant credit and the amount of credit to be granted.