MANAGEMENT

Detailed explanation-1: -Debt can be simply understood as the amount owed by the borrower to the lender. A debt is the sum of money that is borrowed for a certain period of time and is to be return along with the interest.

Detailed explanation-2: -Type of loan: Credit card debt is considered a revolving account, meaning you don’t have to pay it off at the end of the loan term (usually the end of the month).

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

Detailed explanation-4: -The Bottom Line. Different types of debt include secured and unsecured debt or revolving and installment. Debt categories can also include mortgages, credit card lines of credit, student loans, auto loans, and personal loans.

Detailed explanation-5: -What Are Examples of Debt? Debt is anything owed by one party to another. Examples of debt include amounts owed on credit cards, car loans, and mortgages.