What is debt?
Most people have some debt. Debt is when you owe money to someone, such as a lender or creditor, because you want to have or use something now and pay for it later. In return, you pay the lender or creditor extra money called interest. Debt isn't a problem if you can repay it. But many people have financial problems or life circumstances that cause them to go deeper into debt than they can handle.
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