### Question
How does the law define credit?


### Answer
Under *12 U.S.C. § 5481*, **credit** is defined as:

> the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase

#### Citation:
  - *12 U.S.C. § 5481*
  - Heading: **CHAPTER 53-WALL STREET REFORM AND CONSUMER PROTECTION > SUBCHAPTER V-BUREAU OF CONSUMER FINANCIAL PROTECTION**

