ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Debt is something one party owes another, typically money. Companies and individuals often take on debt to make large purchases they could not afford without it. Debt can be secured or unsecured, with a fixed end date or revolving. Consumers can borrow money through loans or lines of credit, including credit cards.

Detailed explanation-2: -A debt is an amount of money that you owe someone.

Detailed explanation-3: -Debtor Definition FAQs Debtors are individuals or businesses that owe money. Debtors can owe money to banks, or individuals and companies. Debtors owe a debt that must be paid at some time in the future.

Detailed explanation-4: -owe verb [T] (HAVE DEBTS) to need to pay or give something to someone because they have lent money to you, or in exchange for something they have done for you: [ + two objects ] I owe Janet $50. We still owe $1, 000 on our car (= we still need to pay $1, 000 before we own our car). I owe you a drink for helping me move.