CREDIT AGREEMENT: a credit agreement is entered into when a consumer buys goods or services on credit or borrows money from a credit provider in return for the payment of interest and/or fees/charges.

Debt Counselling

Debt counselling is the procedure in which an over-indebted consumer applies to court to have his/her debt re-arranged, for example, by reducing the monthly instalment amount and extending the period over which the outstanding balance is paid back to the credit provider.