debt

debt obligation in services, money, or goods owed by one party, the debtor, to another, the creditor. When contested, debts are collected by a civil suit upon which the judge renders a judgment, and an execution is levied on the debtor's property. In ancient nations debt was associated with slavery because the insolvent debtor and his household were in many cases turned over to the creditor to perform compulsory services. In early Rome the insolvent was given into custody of the creditor for 60 days prior to his sale as a slave, subject to such treatment as pleased the creditor. That arrangement was mitigated in 494 BC by the first of the uprisings of the Roman people; turbulence in Rome afterward was to a large extent occasioned by the desire to restrain creditors. In Greece the reforms of Solon had a similar origin. In Palestine, every 50th year—the year of jubilee—Jewish debtors were freed and their obligations were canceled. Imprisonment for debt, which once crowded prisons, was ended in theory in England and the United States by laws enacted in the 19th cent. The laws of bankruptcy are designed to apply the resources of debtors to their debts and thereafter to remove such legal obligations.

debt debt of honour a debt that is not legally recoverable, especially a sum lost in gambling.

See also death pays all debts, national debt, out of debt, out of danger.

debt / det/ • n. something that is owed or due: I paid off my debts | a way to reduce Third World debt. ∎  the state of owing money: heavily in debt. ∎  a feeling of gratitude for a service or favor: we owe them a debt of thanks. PHRASES: be in someone's debt owe gratitude to someone for a service or favor.