Creditors are individuals or organizations that lend money or extend credit to others. When someone borrows money, they become a debtor, while the lender is the creditor. Creditors can include banks, credit card companies, and even friends or family members who lend money. They expect to be repaid, often with interest, which is an additional fee for borrowing the money. In everyday life, creditors play a crucial role in helping people and businesses manage their finances. For example, when you use a credit card to make a purchase, the credit card company is acting as a creditor. They allow you to buy now and pay later, but it's important to repay them on time to maintain a good credit score.