What is credit and why is it important?

Credit is the ability to borrow money good and services with the understanding that you will (re)pay the lender the amount settled on and with interest or gratuity paid later and over time. It is also a financial tool that allows you to make purchases now and pay later and over a period of time.
Example are credit card, personal load, car loans, exchange of good at a local shop with whom you have a relationship with.
Being responsible, conscientious about (re)payments will contribute to positive credit history that lead to a strong financial future.