debt
1 being in debt
2 paying debts
3 not paying debts
see also BORROW/LEND, BANK, PAY, MONEY
1 being in debt
- when you have to pay money to sb for sth they have done for you or given you, you owe them some money; money that is not yet paid is owing (not before a noun)
You owe me ※£5. ◎ How much is still owing to you?
- an amount of money that you owe sb: debt
- when you owe an amount of money to sb, you are in debt (to sb); if the amount of money is large, you are heavily in debt
- after you have given back the money, you are out of debt, no longer in debt
- if you spend more money than you have in your bank account, you are overdrawn, (informal) in the red; an amount of money that you have spent that is more than the amount that you have in your bank account: overdraft
- if you still have some money in the bank, you are in credit, (informal) in the black
- a person who owes money: (formal) debtor
- a person who is owed money: (formal) creditor
- if you spend too much and do not pay the money you owe, you get* into debt, run* up debts
In just three weeks in London my daughter ran up debts of more than ※£1 000!
- when sth has to be paid immediately, it is due
Your rent is due today.
2 paying debts
- to pay the money you owe sb: pay* (off) a debt, settle up with sb
By Christmas, I hope to have paid off all my debts. ◎ I've just been paid, so I can settle up with you now.
3 not paying debts
- a debt that has not yet been paid is unpaid, (formal) outstanding
- if you do not have enough money to pay your debts, you may become bankrupt; noun (U/C): bankruptcy
He couldn't pay his debts and became bankrupt. ◎ Her business career ended in bankruptcy. ◎ Economic difficulties are causing increasing numbers of bankruptcies.
- to cause sb to become bankrupt: bankrupt sb
That house is much too expensive; the mortgage repayments will bankrupt us.
- not paying a debt or a bill: (formal) non-payment (noun U)
The council prosecuted me for non-payment of my council tax.
- to fail to pay money on time: be/get* behind with sth, be in arrears with sth
I 'm three months behind with the rent.
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