Glossary

Debt is an amount of money borrowed by one party from another, usually with an agreement to repay the principal along with interest over time. 💳

It's a common method of financing for individuals, businesses, and governments. Borrowers can access debt through various instruments, such as loans, bonds, or credit lines.

For example, a company might take out a loan to finance the construction of a new factory, while an individual might use a credit card to make purchases and pay off the balance over time.

Fun fact: The concept of debt dates back thousands of years, with ancient civilisations like Sumer and Babylon having formal systems for lending and borrowing money. 💰📜 Today, debt is an essential part of the global economy, allowing businesses to grow, governments to fund public services, and individuals to access credit for various needs.