What is credit money in the economy?

Credit money is any form of financial instrument that will not or cannot be repaid immediately. Credit money is a monetary value created from a future obligation. For example, it could be an IOU, a loan, a credit card, bonds, or money markets. Loan money is usually an agreement between the lender and the borrower and is usually paid with interest. These agreements can be between individuals and banks, for mortgages or personal loans, or between individuals and credit card companies. Credit money can be formed in many ways and between individuals and between individuals and institutions.

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