credit

In economics, a means by which goods or services are obtained without immediate payment, usually by agreeing to pay interest. The three main forms are consumer credit (usually given to individuals by retailers), bank credit (such as overdrafts or personal loans), and trade credit (common in the commercial world both within countries and internationally).

Consumer credit is increasingly used to pay for goods. In the USA 1992 it amounted to $792 billion, with about 18.5% of disposable income expended on hire-purchase and credit-card payments.