Wednesday, November 30, 2011
Word of the Day: Credit
Credit has a specific meaning in accounting, but in general it just means, will someone lend you money? Generally for a long period of time, because you're supposed to be able to pay it off, it's a mere formality, at least if it's the AAA kind. E.g., Home equity line of credit. Credit card. I don't think you call a long-term loan credit. You call it a mortgage.