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1. What is Debt?
2. What is Credit?
Bot GPT 3.5
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1. Debt is an amount of money borrowed by one party from another party, typically with the promise of repayment with interest. Debt can be taken on by individuals, businesses, or governments to finance expenses or investments.
2. Credit is the ability to borrow money or access goods or services with the understanding that payment will be made at a later date. Credit is usually provided by financial institutions or merchants, and can come in the form of credit cards, loans, or lines of credit. It is based on the borrower's creditworthiness and ability to repay the debt.