Meaning & Definition of word "Debt"

Debt

/dɛt/

1. An amount of money that is owed or due to someone.
- Example: He is struggling to pay off his student debt.
2. A state of owing money or having an obligation to pay.
- Example: The company is in debt after taking out a large loan.
3. A moral, social, or legal obligation.
- Example: She felt a debt of gratitude to those who helped her during her difficult times.
4. An obligation to repay money, which may include interest.
- Example: They are in debt to several creditors due to their past financial decisions.

Middle English 'dette', from Old French 'dette', from Latin 'debitum' meaning 'that which is owed'.

debt of gratitude:

A feeling of being thankful for a kindness received.

debts of honor:

Obligations that are based on honor rather than formal contracts.

debt collection:

The process of pursuing payments of debts owed by individuals or businesses.

credit:

An arrangement to receive goods, services, or money in the future, typically in exchange for a promise to pay later.

loan:

A sum of money that is borrowed and is expected to be paid back with interest.

Meaning: In the red

Example Sentence: After the shopping spree, I am really in the red.

Meaning: Underwater

Example Sentence: He's underwater on his mortgage because of market changes.