Noun

Debt is an amount of money that one party owes to another party. It is a financial obligation that arises when a borrower receives money, goods, or services from a lender and agrees to pay it back at a later date, usually with interest. Debt can take many forms, including personal loans, credit card balances, mortgages, and government bonds. In general, the borrower is responsible for repaying the debt according to the terms of the loan agreement, which may include a repayment schedule, interest rate, and other fees and charges.

Example

1. My credit card debt has been piling up, and I need to find a way to pay it off soon.
2. Taking on too much debt can lead to financial difficulties, as the interest and fees can quickly add up.
3. The government's debt has been increasing steadily over the years, and there is concern about the long-term impact on the economy.