Credit is the deferral of the payment of any debt.
It may be the provision of money which is to be repaid over time or providing a facility for your customers to pay their accounts over a period of time. If you make a charge for providing the credit. The new Code provides several improvements including greater flexibility in the design of credit products than was previously possible. Another advantage is that the same rules now apply across Australia, where previously legislation differed between States. The checklist that follows is a handy way to check your requirements under the new Code .