Mutual credit

Mutual Credit is like an IOU. It means when you borrow something from someone else, like money, you promise to repay them with something else (like money) later. You and the person you borrowed from both promise to keep track of what is owed so that when it's time to pay, both of you know who owes what and to whom. Mutual credit can be used to buy things without using cash or cards, which makes it an easier way to pay for things without having to worry about pulling money out of your wallet.