Business / Loan / Debt: An amount owed for funds borrowed. The debt may be owed to an organization's own reserves, individuals, banks, or other institutions. Generally, the debt is secured by a note, bond, mortgage, or other instrument that states repayment and interest provisions. The note, in turn, may be secured by a lien against property or other assets.
Debt Adjective Synonyms: obligation, due, indebtedness, liability, responsibility, accountability, encumbrance
Business / Accounting / Fair Debt Collection Practices Act (1978): Federal law that prohibits debt collectors from engaging in unfair, deceptive, or abusive practices when collecting debts. Collectors must send a written notice telling the amount owed and name of the MORE
Business / Finance / Level Debt Service: A municipal charter provision that debt payments must be relatively equal from year to year so that required revenue projections are easier. MORE