What is Debt?
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The word debt is often used in everyday language. It can refer to a loan, credit card debt, personal debt, or student loans. Debt is money owed by one person or organization to another. It can also be an obligation to pay someone back for goods or services that have been received. Debt is often usedRead more
The word debt is often used in everyday language. It can refer to a loan, credit card debt, personal debt, or student loans.
Debt is money owed by one person or organization to another. It can also be an obligation to pay someone back for goods or services that have been received. Debt is often used as a metaphor for the burden of responsibility, guilt, and worry which are associated with not being able to meet obligations.
The word debt comes from the Latin word debitum meaning “something owed”. The term can be applied in areas such as economics and finance where it has particular meanings relating to interest (e.g., mortgage debt) and repayment of loans (e.g., credit card debt).
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