Debt: meaning and definition

The definition at a glance

An amount or financial obligation that a person or family still needs to pay to another person, company or institution.

Keep learning, one concept at a time.

A plan for expected income and expenses over a period. It helps allocate money to needs, commitments and goals.

An expense that is not essential to meet basic needs and can be reduced or postponed according to the budget.

An expense related to a basic need or important commitment, such as housing, food, health care and transportation.