Debt

Debt is the amount of money that one party, called the borrower or debtor, borrows from another party, called the lender or creditor. A debt is supposed to be paid back, with interest, at a later date agreed upon by the two parties.                      

Example

An individual taking a loan from a bank is said to be in debt and is supposed to pay back the loan along with an interest at a future date.

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An individual taking a loan from a bank is said to be in debt and is supposed to pay back the loan along with an interest at a future date.