This document discusses the history and definition of credit. It begins by explaining how barter systems led to the development of modern credit through increased international trade and transactions. It defines credit as an arrangement to receive cash, goods, or services now but pay later, creating a relationship of trust between lender and borrower, and debtor and creditor. Examples are given of different types of credit transactions involving goods, services, funds, property, and rights. The document also discusses how credit becomes a collection issue when the transaction sours, such as through defective or inadequate goods/services, or uncertainty around pricing.