What is the term for the individual who receives credit and is responsible for repayment?

The term that refers to the individual who receives credit and is responsible for repayment is "debtor." In financial contexts, a debtor is the person or entity that borrows money or takes on debt and is obligated to repay it according to the terms agreed upon with the creditor. This relationship is fundamental in credit transactions, as it clearly delineates the responsibilities regarding repayment.

In this scenario, the debtor has received funds, goods, or services on credit, and they are the party expected to fulfill the repayment obligation. Understanding the role of a debtor is crucial for anyone involved in credit transactions, as it involves recognizing the legal and financial responsibilities that come with borrowing.