Many corporations and individuals use debt as a method of making large purchases that they could not afford under normal circumstances. In a debt-based financial arrangement, the borrowing party gets permission to borrow money under the condition that it must be paid back at a later date, usually with interest.
Hers how you can explain dept: If someone asks you what is dept all you have to say is, Dept is whhen you pick up a credit card and use it. That makes you in dept with the company that your card belongs to. By a large amount of money
