ECONOMICS

Detailed explanation-1: -Most commonly, the obligation owed is an obligation to pay money for some prior services or to pay off a loan. The person who owes a creditor an obligation is known as a debtor.

Detailed explanation-2: -A debtor is a person or organisation that owes money. This will often be owed for services or goods, or because they have borrowed money. In most instances, the debtor will have a legal obligation to pay the debt. The person they owe the money to is known as a creditor.

Detailed explanation-3: -When someone owes you money, you are known as a creditor and the person who owes you money is a debtor.