debt
DET
/dɛt/
A sum of money that is owed or due.
Can refer to money owed by an individual, company, or government. The 'b' is silent.
The story behind the word. The word 'debt' comes from the Latin verb 'debere,' meaning 'to owe.' Interestingly, the 'b' in 'debt' is a historical relic. It was reinserted in English spelling in the 16th century to reflect its Latin origin, even though it had long been silent in pronunciation. So, while we don't say the 'b,' it's a little nod to its ancient Roman roots!
Word relationships
- liability: A broader accounting term for financial obligations, including debt.
- obligation: Can be financial or non-financial; 'debt' is specifically financial.
- asset: Something owned that has value, the opposite of something owed.
- credit: The ability to obtain goods or services before payment, based on trust that payment will be made in the future.
Commonly confused with
- loan: A 'loan' is the act of lending money; 'debt' is the money that is owed as a result of a loan.
Word family
- debtor (noun): A person or entity that owes money.
- indebted (adjective): Owing money or gratitude.
Collocations
- student debt
- credit card debt
- national debt
- accumulate debt
- pay off debt
- in debt
- debt burden
Idioms & expressions
- in debt (owing money)
- debt of gratitude (a feeling of obligation for a favor)
Example sentences
- "Many university graduates start their careers with significant student loan debt." Personal finance.
- "The company struggled under the weight of its accumulated debt and eventually filed for bankruptcy." Business finance.
- "National debt can impact a country's economic stability and future growth." Government finance.
Memory hook
You are 'indebted' to someone when you have 'debt'. Remember the silent 'b'. Owed money, silent 'b'
When not to use
Do not use 'debt' to refer to a general obligation or responsibility that isn't financial.
Fun facts
- The concept of 'debt forgiveness' has historical roots, with ancient societies sometimes enacting 'jubilees' to cancel debts and prevent social unrest.
Related words
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