DEBT Meaning and
Definition
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Debt refers to a financial obligation that an individual, organization, or government entity owes to another party. It is a result of borrowing money or obtaining goods, services, or assets on credit. The concept of debt revolves around the principle of deferred payment, where the debtor promises to repay the borrowed amount or the value of the acquired item over a specified period, typically with additional interest charges.
Debt can take various forms, including loans, mortgages, credit card balances, or outstanding bills. It is typically documented in a legal agreement detailing the terms and conditions of repayment, such as the interest rate, installment amount, and duration. Failing to meet the agreed-upon terms may result in penalties or legal consequences.
Debt serves as a mechanism for individuals or organizations to access resources or finance investments that they might not otherwise be able to afford. However, the existence of debt also implies an inherent risk, as it entails the obligation of repayment, potentially limiting one's financial flexibility and future spending power. Managing debt effectively involves careful budgeting, prioritizing payments, and ensuring timely repayments to avoid accumulating additional interest charges or penalties.
Debt plays a vital role in the functioning of financial systems, as lenders provide capital that supports economic activities and individuals or entities in need of funds can secure necessary resources through borrowing. However, excessive debt burdens can lead to financial instability or crises, both at the individual and systemic levels, emphasizing the significance of responsible borrowing and prudent debt management.
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Anything due from one person to another; what one is bound or obliged to pay; obligation; liability; sin; trespass: debt of nature, death.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for DEBT *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for DEBT
Etymology of DEBT
The word debt comes from the Old French word dete, which itself originated from the Latin word debitum. In Latin, debitum means something owed, derived from the verb debere, meaning to owe. This Latin root also gave rise to other related terms like debit and debtors.
Idioms with the word DEBT
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in debt
The idiom "in debt" refers to a situation where a person or entity owes money to others, typically as a result of borrowing or incurring financial obligations. It signifies owing more than one possesses or is able to pay back, causing a financial burden or obligation.
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pay debt
The idiom "pay debt" typically refers to fulfilling one's financial obligations by repaying borrowed money or settling outstanding debts. It means to compensate what is owed to someone or an institution.
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be in someone's debt
The idiom "be in someone's debt" means to owe someone a great deal of gratitude, typically for a favor, assistance, or support received from them. It implies being indebted to that person for their help or kindness.
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pay one's debt (to society)
The idiom "pay one's debt (to society)" refers to fulfilling one's obligation or responsibility for committing a crime or wrongdoing by undergoing punishment or making amends to society. It implies that an individual is serving their sentence or taking actions to repair the harm caused to the community or society at large.
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be in (one's) debt
The idiom "be in (one's) debt" means to owe gratitude, appreciation, or a favor to someone because they have done something kind, helpful, or significant for you. It signifies being indebted to someone for their assistance or support.
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get into debt
The idiom "get into debt" refers to the act of accumulating financial obligations or owing money to others. It implies the act of borrowing or spending beyond one's means, resulting in a negative financial situation where one is indebted to creditors or lenders.
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up to your ears in debt
The idiom "up to your ears in debt" means being severely overwhelmed or burdened by a large amount of debt. It implies being immersed in a situation where one owes a significant sum of money and is struggling to meet financial obligations.
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be in somebody’s debt
The idiom "be in somebody's debt" means to owe someone a favor, gratitude, or to feel indebted to someone who has done something kind or helpful for you.
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debt to nature
The idiom "debt to nature" refers to the inevitable death or the natural end that every living being or person must face. It implies that everyone has a responsibility or obligation to fulfill their mortality or the cycle of life. It underscores the idea that death is something that cannot be avoided or postponed, emphasizing the notion of life's transience and the limited time we have on Earth.
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owe someone a debt of gratitude
The idiom "owe someone a debt of gratitude" means to be extremely grateful to someone for something they have done or provided. It implies a strong sense of obligation and appreciation towards the person in question.
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head over heels in debt
The idiom "head over heels in debt" means being extremely or deeply indebted to someone or owing a substantial amount of money. It signifies being in a situation where one's financial obligations or debts are overwhelming and seemingly insurmountable. The phrase suggests that the person is in a state of being completely submerged or overwhelmed by their financial liabilities.
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Debt capacity
The idiom "debt capacity" refers to the maximum amount of debt that an individual, company, or government can responsibly take on without risking financial stability or defaulting on payments. It represents the ability to borrow money while still being able to meet current and future financial obligations. This term is often used in the context of evaluating creditworthiness, determining borrowing limits, and managing overall financial health.
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owe sm a debt of gratitude
The idiom "owe someone a debt of gratitude" means to feel deeply thankful and indebted to someone for their help, kindness, or support. It expresses a strong sense of appreciation and obligation towards another person.
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*out of debt
Similar spelling words for DEBT
- devout,
- defeat,
- depth,
- deviate,
- dent,
- devotee,
- devito,
- deaf to,
- depute,
- deft,
- depot,
- Devitt,
- debut,
- devote,
- debit,
- deputy,
- devita,
- debate.
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