What is the difference between credit and debit?

In very simple accounting-based terms and depending on the circumstances of the transaction, a “debit” is an asset or receipt and a “credit” is a payment or obligation.

What is an example of credit?

There are many different forms of credit. The most popular form is bank credit or financial credit. This kind of credit includes car loans, mortgages, signature loans, and lines of credit. Essentially, when the bank lends to a consumer, it credits money to the borrower, who must pay it back at a future date.

What are some synonyms for credit?

Some common synonyms of credit are belief, credence, and faith. While all these words mean "assent to the truth of something offered for acceptance," credit may imply assent on grounds other than direct proof. When might belief be a better fit than credit?