credit system
Học thuậtThân thiện
Definition
- Noun:
- A system for allowing people to purchase goods or services and pay for them later: A structured method or set of rules that enables individuals or businesses to obtain something of value (like goods, services, or money) with a promise to pay at a future date, often involving interest or fees.
- An institutional framework for managing credit: The organized network of financial institutions, policies, and regulations that govern the extension and repayment of credit within an economy.
Usage Examples
- Noun:
- The store introduced a new credit system to attract more customers.
- A robust national credit system is essential for economic growth.
- Understanding the company's internal credit system is important for managing client accounts.
Advanced Usage
- "to operate on a credit system": To function using a framework where payment is deferred.
- Many wholesale suppliers operate on a credit system with trusted business partners.
Variants and Related Words
- Credit (n): The ability to obtain goods or services before payment, based on trust that payment will be made in the future.
- She has excellent credit and can get a loan easily.
- Creditworthiness (n): The assessment of how likely a borrower is to repay debt.
- Banks evaluate a customer's creditworthiness before approving a loan.
Synonyms
- Deferred payment plan: A specific arrangement allowing payment at a later date.
- Lending framework: The structured system for providing loans.
Related Phrases
- Line of credit: A preset borrowing limit that can be used at any time.
- The business secured a line of credit from the bank.
- Credit rating: An evaluation of a borrower's credit risk.
- His good credit rating helped him get a lower interest rate.
Related Idioms
- "Buy now, pay later": A common phrase describing the principle behind many credit systems.
- The store's promotion encouraged customers to buy now, pay later.
Noun
- a system for allowing people to purchase things on credit