USA HISTORY

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. The amount as well as the approval of the debt depends upon the creditworthiness of the borrower.

Detailed explanation-2: -Debt comes from the Latin word debitum, which means “thing owed.” Often, a debt is money that you must repay someone. Debt can also mean the state of owing something-if you borrow twenty dollars from your brother, you are in debt to him until you pay him back.

Detailed explanation-3: -Debt is anything owed by one person to another. Debt can involve real property, money, services, or other consideration. In finance, debt is more narrowly defined as money raised through the issuance of bonds. A loan is a form of debt but, more specifically, is an agreement in which one party lends money to another.

Detailed explanation-4: -A debt is an amount of money that you owe someone.

Detailed explanation-5: -“Debt is a financial liability or obligation owed by one person, the debtor, to another, the creditor.”1 In other words, debt is when someone borrows money (a debtor) and is responsible for paying back the person or company who loaned them that money (the creditor or lender).