WHAT ARE DEBTS?
Debt is an obligation that requires the debtor to pay the money to their creditor. Debt is basically the amount of money one borrows. In other words, it is the money one spends that is not theirs. For example, taking a loan from a bank, making credit card purchases, etc. large corporations also borrow money to finance their projects and for other business needs.
The most common types of debts are loans and credit cards. In addition to these, corporate borrowings are known as cor…
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Debts: The meaning and types
(470 reads) See also ► What is the meaning of Aza? ► Foreign Debts: See How Much Nigeria Is Owing Other Countries In 2023
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