Debt is a financial obligation that a person, company, or entity owes to another party. It arises when goods or services are acquired, or loans are received, and there is a commitment to repay the money within a specified period, usually with interest.
Debt can arise for various reasons, such as buying a house, using credit cards, or financing business projects.
It is important to manage debts properly by paying on time and avoiding accumulating more than one can afford to repay, to maintain economic balance and avoid long-term financial problems.
