### Question
How is the "credit" defined?


### Answer
The term **credit** is defined in *12 U.S.C. § 5481* as follows -

> 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**

