The word debt comes from the Latin 'debitum' meaning 'thing owed'. It is typically money that is outstanding from one party to another however; it can also refer to goods or services. Usually debt is to be repaid under the obligation of a contractual agreement on the basis that it will be returned, plus interest, on or before an agreed date. So, in essence, debt is a transaction undertaken by two parties whereby one party chooses to put off turning over their side of the deal immediately.
What is Debt?
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