A credit account is a financial arrangement that allows individuals to borrow money or access goods and services with the promise to pay later. Common types of credit accounts include credit cards, personal loans, and lines of credit. These accounts typically have a credit limit, which is the maximum amount that can be borrowed. When using a credit account, borrowers are expected to make regular payments, often with interest. Responsible management of credit accounts can help build a positive credit history, which is important for future borrowing. However, failing to make payments on time can lead to penalties and negatively impact one's credit score.