I. ˈdet, usu -ed.+V noun
( -s )
Etymology: Middle English debte, alteration (influenced in spelling by Middle French debte, from Old French, alteration — influenced in spelling by Latin debitum — of dette, dete ) of dette, from Old French dette, dete, from (assumed) Vulgar Latin debita, from Latin, plural of debitum debt, from neuter of debitus, past participle of debēre to owe, from de from + habēre to have — more at de- , habit
1. : a neglect or violation of duty : fault , sin , trespass
forgive us our debts — Mt 6:12 (Revised Standard Version)
2. : a state of owing
hopelessly in debt
3. : something (as money, goods, or services) owed by one person to another
a mortgage debt
: something that one person is bound to pay to another or perform for his benefit : something owed : obligation
debt of gratitude
4. : the common-law action for the recovery of a certain specified sum of money held to be due or of a sum that can be simply and certainly ascertained — called also action of debt ; compare form of action
Synonyms:
indebtedness , obligation , liability , debit , arrear , arrearage : debt often applies to a single definite amount of money owed; in reference to things other than money it may indicate a definite service or favor equivalent to one rendered
a debt of $200 to the store
the immense debt the legal profession and the reading public owe to the publishers for their public spirit in producing these records — Norman Birkett
indebtedness in this sense refers to a total due
in practically all states there is either a constitutional or a statutory limitation upon the amount of indebtedness that cities may incur — F.A.Ogg & P.O.Ray
the Canadian government continued to make great progress in the reduction of its huge wartime indebtedness — Collier's Year Book
obligation may suggest a formal expression of indebtedness or a formal agreement to pay
a contract is said to be ‘performed or discharged’ when all the obligations have been fulfilled on both sides — Ronald Rubinstein
to establish conditions under which justice and respect for the obligations arising from treaties and other sources of international law can be maintained — U.N.Charter
liability is the term opposite in meaning to asset in the terminology of accountants; it applies to any item of indebtedness, as an account payable, tax due, interest payment pledged
liabilities may be broadly classified as external and internal, external liabilities being accountabilities due to persons having no basic equity in the business, and internal being amounts due to the owners of the business and pertaining to their equities — Journal of Accountancy
debit in accounting is the opposite of credit and designates a sum allotted for any outgo. arrear — more often arrears — and arrearage refer to an unpaid balance on a debt or account
arrears of rent are again becoming a serious problem to local authorities — New Statesman & Nation
arrearages piled up rapidly and Congress was forced to pass law after law for the relief of the settlers — D.E.Clark
II. adjective
Etymology: alteration of Middle English dette, from dette, n.
obsolete : due , owed
to pay ourselves what to ourselves is debt — Shakespeare