debt

debt, something owed. Anyone having borrowed money or goods from another owes a debt and is under obligation to return the goods or repay the money, usually with interest. For governments, the need to borrow in order to finance a deficit budget has led to the development of various forms of national debt. Crippling levels of student loan debt have frequently made headlines as politicians debate solutions—from forgiving such debt to allowing such debt to be discharged through bankruptcy. See also debtor and creditor and usury.