Description: Agreeing to payment for goods or services at a later time, or over an extended period.
Claim: The extension of credit is an integral part of commerce and aims to assist in developing markets for goods and services and to sustain them.
Counter Claim: Extending credit creates dependency upon the lender. In addition, credit servicing charges or interest may lead to permanent indebtedness or insolvency.
Type Classification: D: Detailed strategies