I'm trying to get out of debt, which is money owed by a debtor to a creditor.
that can be a hard thing to do for some people
Yeah and debt is usually subject to contractual terms for repayment of principal. I worked out a repayment plan and am on track.
that is good you should make goals and stick to them
, bonds, notes, and mortgages are all types of debt. The term can also be used metaphorically to cover moral obligations and other interactions not based on economic value. For example, in Western cultures, a person who has been helped by a second person is sometimes said to owe a "debt of gratitude" to the second person.
Etymology.
The English term "debt" was first used in the late 13th century. The term "debt" comes from "dette, from Old French dete,
Debt
Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor. Debt is a deferred payment, or series of payments, that is owed in the future, which is what differentiates it from an immediate purchase. The debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans