Debt


Definition of "Debt"

Nancy Spoltore
Nancy Spoltore Trace Realty Group

(1) Money or services owed by one party to another party. The debtor may have to pledge an asset for a loan, such as a mortgage on his or her house. Principal and interest payments are required. Debt may either be current or noncurrent. See also amortized loan; loan; mortgage loan; straight loan; term loan. (2) Entry on the left side of an account.

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