Billions of dollars are spent each year to separate you from your hard-earned money. Advertisers convince you to spend your hard-earned money on quite a bit of expensive, frivolous stuff.
What is debt?
A sum of money that is owed or due to be paid because of an express agreement; a specified sum of money that one person is obligated to pay and that another has the legal right to collect or receive.
A fixed and certain obligation to pay money or some other valuable thing or things, either in the present or in the future. In a still more general sense, that which is due from one person to another, whether money, goods, or services.
DEBTOR OR BORROWER
1.somebody or something that owes: somebody who or something that owes a debt
2.receive money as loan: to arrange to be given money by somebody or by a bank or other financial institution for a fixed period of time.The money is normally paid back in installments, with interest.
3. somebody else’s property: to get temporary possession or use of something belonging to somebody else, usually after asking permission
CREDITOR OR LENDER
1. somebody owed money: a person or organization owed money by another
2.let somebody borrow something: to allow somebody to take or use something on the understanding that it will be returned later
3.money for a particular period of time, usually on condition that a charge (interest) is paid in return. (The bank lent us money at a good interest rate. )
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