A source of money that allows individuals to pay for goods and services later is called . An advantage of this source of money is . A disadvantage of this source of money is .

A source of money that allows individuals to pay for goods and services later is called Credit.An advantage of this source of money is convenience of payment. A disadvantage of this source of money is increase in the financial debt.

Explanation:

In Economics and Finance,the concept of credit basically refers to post payment agreement in the case of any commercial exchange or purchase of any good or service between the buyer/consumer and seller.In this case,the buyer or the consumer can purchase the concerned good or service and pay for them by a specified time period in future based upon the agreement of both the buyer and seller of the concerned good or service.A major advantage of credit payment to the consumers or buyers is that it provides them the opportunity to pay for the goods and services  that they have purchased according to their own practical convenience at a later time.The consumers or buyers can peacefully purchase any product or service without having to think much about the payment related hassles and inconveniences.This advantage of credit payment is commonly applicable for big purchases or considerably expensive purchases such as luxury or branded cars,electronic appliances,personal home or real estate and so on where various installment future payment options are provided to the consumers to ease their consumption experience.On the other hand,one of disadvantages of credit payment for any purchase is the potential possibility of payment default and accumulation of future financial debt or liability for the consumers and buyers.If the consumers or buyers are not able to or delay to pay the full amount of the goods or services purchased within the pre-specified time period,then it only contributes to psychological distress and deterioration of their credit history which might affect their ability for any future consumption or purchase.Credit or installment payment options also evidently lead to the accumulation of financial obligation or debt for the buyers or consumers.