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.
Bad Debt = money owed which will never be paid back
• The company has written off £30,000 in bad debts.
Secured Debts = debts which are guaranteed by assets
Unsecured Debts = debts which are not guaranteed by assets
Debt Collection = collecting money which is owed
Debt Collection Agency = company which collects debts for a commission
Debt Collector = person who collects debts
Debts Due = money owed which is due for repayment
Funded Debt = 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
Debtor : noun : person who owes money
Debtor Side = debit side of an account
Debtor Nation = 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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