whats the difference between credit and debit?

Answer 1

Geez I don't think any of the previous answerers understand what you want: difference between credit and debit CARD. If so: A credit card is where you borrow someone else's money to purchase things, promising to pay the debt according to the card's terms.

A debit card is where you have money in the debit card account, and your purchases just debit your money balance in the account.

I hope this helps you.
Leafgreen

Answer 2

An entry on a financial statement which reflects payments or disbursements made on behalf of a party for which the party is responsible called debit and vice versa

Answer 3

Debit - when you increase the value of the asset and/or networth, when you decrease a liability
DEBIT is a record of an indebtedness; specifically : an entry on the left-hand side of an account constituting an addition to an expense or asset account or a deduction from a revenue, net worth, or liability account.

Example 1: Purchase of a land for business operation:
Dr. Land (increase in asset)
Cr. Cash and/or Accounts Payable (decrease in asset)

Example 2: Purchase of building in exchange for shares of Stocks
Dr. Building (increase in asset)
Cr. Subscribed Capital Stock (increase in capital)

Example 3: Full payment of Charged Purchases of Goods
Dr. Accounts Payable (decrease in liabilities)
Cr. Cash or Cash in Bank (decrease in assets)

Credit is otherwise.
CREDIT, in accounting, is an accounting entry system that either decreases assets or increases liabilities; in general, it is an arrangement for deferred payment for goods and services.

Answer 4

Credit is a loan for slavers
Debt is against your money, unfortunately the banks will at a large fee ($20 -40$ day) cover your overages without telling you.
Visit DaveRamsey.com to learn before you become credit slave.

Answer 5

Not too much difference when it comes to one's credit rating.
Debt you have already used the funds and so your payment habits are under scrutiny. Credit is the fact that the funds are available to you and so you will be judged by how much is available, how much you make and how you have used it in the past.

Answer 6

Debit means to owe
Credit is the opposite of debit

Answer 7

It depends on where and how it's being applied as sometime they are reverse

Answer 8

one you can pay of monthly, the other is taken of your account
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Answer 9

i think u have to pay when u use debit idk