A debtor is a person, company, or entity that has an outstanding debt or financial obligation to another party, known as the creditor.
The debtor acquired a loan, purchased goods or services on credit, or received financing and committed to repay the money within a specified period.
The debtor is responsible for meeting the agreed-upon payments, including any interest if applicable.
If the debtor fails to fulfill their obligations, they may face consequences such as credit deterioration, legal actions, or the loss of assets to satisfy the debt.
