The ability to borrow money is termed as?
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The ability to borrow money is termed as?
The ability to borrow money is termed as?
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Answer:
This ability to borrow money is called having credit. ... The money you owe is called debt. The money you borrow is yours to spend, but remember: when you borrow money, you're taking on a real responsibility to pay the money back! You need to make monthly loan payments and usually have other costs called interest and fees.
Explanation:
This ability to borrow money is called having credit. ... The money you owe is called debt. The money you borrow is yours to spend, but remember: when you borrow money, you're taking on a real responsibility to pay the money back! You need to make monthly loan payments and usually have other costs called interest and fees.