Debt: Is the practice of borrowing

Debt is the practice of borrowing a tangible item, primarily money by an individual, business, or government, from another person, financial institution, or state. The one who accepts the funds is the borrower or debtor, while the one giving it is the lender or creditor. It may be in the form of cash, mortgages, bonds, notes, and personal or commercial or student or credit card loans. Effective debt management involves creating a budget, prioritizing high-interest debt repayment, and exploring strategies like debt consolidation or balance transfers. Debt is the money borrowed by one party from another to serve a financial need that otherwise cannot be met outright. Top 10 countries with the highest debt -to-GDP in October 2025 list: The United States, the world’s largest economy, ranks 8th with a debt -to-GDP ratio of 125 per cent, while China (96.3 per cent) and India (81.4 per cent) rank 21st and 35th, respectively, lower than most developed nations.