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Credit and Bankruptcy Law

Introduction

What is credit and why is it so important?

Credit refers to your ability to borrow money and then pay it back over a period of time. It also refers to how trustworthy a person is considered to be in terms of whether he or she will be eligible for loans and be able to pay off loans. Credit is important because most people cannot afford to pay cash for large purchases, such as houses and cars. You need good credit in order to receive financing in order to obtain a loan to make large purchases.



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