DEBT

[noun] - something, esp. money, which is owed to someone else, or the state of owing somethingHe managed to pay (off) his debts in two years. [C]They are in debt to (= owe money to) the bank. [U]When he lost his job, he ran/got into debt (= borrowed money). [U]The firm ran up huge debts. [C]I'm out of debt at last (= no longer owe money). [U]A debt-counselling service has been set up to advise those who are finding it hard to repay what they owe.Should the Third World be giving the West more in debt repayments than we give them in aid?See also indebted (GRATEFUL); indebted (OWING).A bad debt is one which is unlikely ever to be recovered (= paid back).(formal) A debt of honour is something which you feel you must do or pay although there is no legal need to.He believed that giving the man a job discharged a debt of honour. [C](formal) I owe all those who offered me support a debt of gratitude (= I am very grateful). [C](formal) Thank you for helping. I'm in your debt (= I am very grateful). [U]