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Loan Glossary
Q. What is Debt?
Answer:
This is what you owe for money that you have borrowed from a financial institution. It can also refer to money you have to pay for services rendered or for articles that you purchased without paying for them at the time. Most people manage their debt by making monthly payment on what they owe. When repaying a debt, you will pay back more than you borrow because of the carrying charges added to the debt in the form of interest.