Till Debit Tears Us Apart
Markell Holland • March 6, 2021
Credit and Debit in this society mean the exact same thing.
DEBT
Double-entry bookkeeping has two equal and corresponding sides known as debit and credit. The left-hand side is debit and the right-hand side is credit.
Double-entry bookkeeping has two equal and corresponding sides known as debit and credit. The left-hand side is debit and the right-hand side is credit.
Credere - Trust or entrust - Full - Definitions:
- Be indebted/responsible for/obliged/bound/destined
- Ought, must, should
- Owe
- http://bit.ly/Credit1828websters
Debere - Should or Owe - Full - Definitions:
- Believe/think/accept as true/be sure
- Lend (money) to, make loans/give credit
- Http://bit.ly/Debit1828websters
This is not related to credit cards. To put the definitions above in context, debit can act as an addition as well as a subtraction & credit can act as a subtraction as well as an addition. This may seem confusing but overall they both account for you having less than what you started with.
For a simplified example:
- Having cash in your hand is an asset or rather a credit. Why? Because you can trust it is in your hand at the time. If you deposit the same cash it will be considered a debit. Why? Because the money is owed to you since you lent it to the bank. When you want to use some of the money that is available to you inside of the bank accounts' balance, your money will be debited to you once it is credited from you. OR the money can be credited to you while being debited from you.
The Equal Credit Opportunities Act supposedly keeps you safe from predatory lending as well as discrimination, but there is a systematic form of industrialized racism deeply embedded in this system we are in. Credit redlining is the illegal discriminatory practice that puts services (financial and otherwise) out of reach for residents of certain areas based on race or ethnicity. It can be seen in the systematic denial of mortgages, insurance, loans, and other financial services based on location (and that area’s default history) rather than on an individual’s qualifications and creditworthiness. Notably, the policy of redlining is felt the most by residents of minority neighborhoods.
It is imperative to understand this for yourself, so please do not just take our word for it and utilize what was mentioned. Financial literacy is key so your future is not a reflection of the past many of us have suffered through.
Financial Facts - http://bit.ly/HistoryofCreditandDebit - Part 1 - http://bit.ly/WhoControlsallofourmoneyprt1 - Part 2 - http://bit.ly/Whocontrolsallofourmoneyprt2 - Link mentioned at the end of the video above History of Credit and Debit- http://bit.ly/IJHTMYTraiseyourcreditscore
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