Have you ever borrowed money?
Have you ever wanted to buy something, but didnâ€™t have quite enough money? If you've borrowed money from friends, family, or anyone else and promised to repay them, then you are â€śindebtedâ€ť to pay it back. This is called "debt."
Debt is money one person, organization, or government owes to another person, organization, or government. Typically, the person who borrows the money has a limited amount of time to pay back that money with interest (an additional amount you pay to use borrowed money).