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Definition of Debt

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Debt is money owed and the obligation to repay the money to the person or entity that leant the money. The one who owes the money is called the debtor. The one who leant the money is called the creditor. Another name for debt is liability.

Debt can take many forms. Typically debt taken on by an individual is in the form of credit card debt, a home loan or mortgage, or other loan from a creditor which is usually a bank. Debt for a corporation may be a loan or in the form of bonds or other types of debt.

Usually there is a fee for the debt that is described in terms of interest.

Debt has become a major concern for many people today as it has become easier and easier to obtain. The immediate gratification of using a credit card to get items today and pay for them later has caused some to enter into significant high interest debt.

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