Debt
By Pinyo • Feb 19th, 2008 • Category: DA debt is an amount of money borrowed by one party — i.e., person, company, etc. — from another. Many individuals and companies use debt as a method for making large purchases that they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.
Examples of common debts include:
- Mortgage
- Credit card debt
- Personal loan
- Student loan
- Car loan
