By Seth Grabel
I was busy this week by going to various places and turning cash into a credit card. In fact, I joked that I can magically “fix” bad credit.
But what is credit? It is a promise. When thinking of credit cards, it is a promise to pay a financial debt. But there are other kinds of credit.
Credit can be:
- Credit (creative arts), acknowledging the ideas or other work of writers and contributors;
- Credit (finance), any form of deferred payment, the granting of a loan and the creation of debt;
- Credit rating, an assessment of credit worthiness;
- Credit risk, the risk of default on a debt;
- Credit score, a representation of credit worthiness;
- Credit (science fiction), a form of currency in some fictional works;
- Course credit, a system of measuring academic coursework;
- Debits and credits, types of bookkeeping entries;
- Game credit, a count of the current number of games that can be played in pinball and arcade games;
There is even Credit, Arkansas, a ghost town. Money is also credit but with the co-signer of the United States government. Money is a promise to exchange for silver (which we don’t do in this society). College credits are underwritten by the university or school that the student has received instruction and training in that class and understands the fundamentals. In bookkeeping, a credit is a promise kept.
What is your credit? I am not asking about your credit score but your credit. Do you keep your promises?
Remember, cash is as much a promise as credit and keeping promises is much more valuable than gold, silver or paper money (promissory note).
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