Quote by Charles Dickens

Credit is a system whereby a person who can't pay gets another person who can't pay to guarantee that he can pay

Credit is a system whereby a person who can't pay gets anoth

Summary

This quote, often attributed to American journalist and political commentator Lewis Lapham, provides a concise interpretation of the credit system. It suggests that credit operates on the basis of one individual seeking financial assistance from another individual in a similar financial situation. In this dynamic, both parties face difficulties repaying their debts, resulting in a reliance on the assurance or guarantee of payment from the borrower. Ultimately, the quote highlights the interdependence and potential risks associated with credit arrangements.

Topics

Money

By Charles Dickens

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