Definition: An action, state of mind, or object one has an obligation to perform for another, adopt toward another, or give to another.
Alright class, settle down and let’s take a look!
That’s quite the mouthful from the dictionary, isn't it? Let's break it down piece by piece. “Debt” – it's more than just a word you see on a bill, you know.
Think of it like this:
debt is an obligation, a promise to do or give.
It’s when someone has
owed
something to another person or group. It could be money, but it doesn't
always
have to be!
Let's unpack that dictionary definition a little further with some rhymes:
“An action, state of mind…”
– This part is tricky! It means debt isn’t just about handing over cash. Sometimes you owe someone a favor - like promising to help them move, or even just being there for them when they need a friend. These are
emotional debts
.
“…or object one has an obligation…”
– An obligation is simply something you're expected to do. Like if you borrow a book from the library, you have an obligation to return it!
“…to perform for another, adopt toward another, or give to another.”
- This wraps it all up nicely. You’re
doing
something,
showing
something (a good attitude!), or
giving
something – and that action has a consequence. You have to pay it back, in one way or another!
So, debt can be literal like a loan from a bank, but it can also be figurative.
It's about owing someone something - whether it’s money, a favor, or even just a promise kept.
Does that make sense? Any questions before we move on to how debts are managed and repaid?
