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Definition

Debt

Debt is the total amount of money owed by an individual, company or other organization to banks or other lenders is their debt. It represents the accumulated total of past borrowing. When it is owed by government, it is called public debt, and it represents the accumulation of past budget deficits.

Webster Dictionary Meaning

1. Debt
- That which is due from one person to another, whether money, goods, or services; that which one person is bound to pay to another, or to perform for his benefit; thing owed; obligation; liability.
- A duty neglected or violated; a fault; a sin; a trespass.
- An action at law to recover a certain specified sum of money alleged to be due.
Category: Economics
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