Business Dictionary :
Debt : noun : money owed for goods or services
• The company stopped trading with debts of over £1 million.
To be in debt
= to owe money
• He is in debt to the tune of £250 = he owes £250.
To get into debt
= to start to borrow more money than you can pay back
• The company is out of debt = the company does not owe money any mute.
To pay back a debt
= to pay all the money owed
To pay off a debt
= to finish paying money owed
To service a debt
= to pay interest on a debt
• The company is having problems in servicing its debts.
= money owed which will never be paid back
• The company has written off £30,000 in bad debts.
= debts which are guaranteed by assets
= debts which are not guaranteed by assets
= collecting money which is owed
Debt Collection Agency
= company which collects debts for a commission
= person who collects debts
= money owed which is due for repayment
= part of the British National Debt which pays interest, but where there is no date for repayment of the principal
The National Debt
= money borrowed by a government
: person who owes money
= debit side of an account
= country whose foreign debts are larger than money owed to it by other countries
QUOTE : The United States is now a debtor nation for the first time since 1914 owing more to foreigners than it is owed itself. (Economist)
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