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| 1. |
what are two different credit situations |
| Answer» Credit arrangements can be divided into two categories. These are as follows:\tFormal Sector- It includes banks and cooperatives that extend loans to households for entrepreneurship and other personal needs. The rates of interest charged by them are low.\tInformal Sector- It includes moneylenders, traders, employers, relatives, and friends. The moneylenders generally charge at a higher rate of interest. | |