👉 "Debt" is a concept in economics, particularly related to financial obligations. It refers to any obligation that obligates an individual or entity to pay back some form of money or assets at some future date. This includes both personal debts and debts for goods and services, such as loans or mortgages. In more general terms, debt can refer to any financial liability that a person owes to another party, such as a bank, credit card company, or other financial institution. It is the obligation of
