Debt is an amount of money borrowed by one party from another. Debt is used
by many corporations and individuals as a method of making large purchases that
they could not afford under normal circumstances. A debt arrangement gives the
borrowing party permission to borrow money under the condition that it is to be
paid back at a later date, usually with interest. The most common forms of debt are
loans, including mortgages and auto loans, and credit card debt. Under the terms of
a loan, the borrower is required to repay the balance of the loan by a certain date,
typically several years in the future. The terms of the loan also stipulate the amount
of interest that th...
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