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TeachMeFinance.com - explain credit credit -- (1) the provision of goods or services in exchange for the promise of future payment. (2) an accounting term that refers to the right-hand side of an account record in which the amounts are entered in a double-entry system of bookkeeping. historic definition... Credit -- Confidence established by an individual, firm, corporation or government in his or its ability and disposition to fulfil financial obligations. Opposing terms are "in good credit" and "in bad credit." Property obtained on credit is property received and to be paid for at a future time. A credit entry in an account is a favorable entry; it is the reverse of a debit entry. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.