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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