What is the definition of debt? According to the Merriam-Webster online dictionary debt is:
1. Sin, Trespass
2. Something owed
3. A state of owing
4. The common-law action for the recovery of money held to be due
I don't know if I would classify debt as a sin. But who am I to make that judgement. All I know is that having debt is an unpleasant experience and I wanted to get out of it so badly a few years ago. This burning desire kept me going during those tough times.
What is my definition of debt? I believe debt is a state of owing and that is the only definition that I would give it. I might also add that being in debt is a lack of freedom. You are tied to someone or something for as long as that debt exists.
1. Are you intimidated by money?
2. Do you think you are smart enough to learn about money and finance?