CREDIT AGREEMENTS
Not all credit is bad. In fact, some credit is extremely helpful – as long as it’s manageable. We cannot always afford to buy goods on cash – be it clothing, furniture or a car. A credit agreement is an understanding you reach with the seller (‘credit grantor’), allowing you to
pay for the item(s) in monthly instalments. The item(s) only legally belong to you once you have made the final payment as stated in the agreement. Even when you’re not allowed to take the goods home until the final payment (lay-buy), it’s still a credit agreement. Often we don’t even realise that we are making use of a credit agreement, e.g. every time you use a credit card, cheque, coupon or voucher.
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