Debt refers to money borrowed that must be repaid with interest.
Detailed Explanation
Debt is a financial obligation where one party borrows money from another and agrees to repay it with interest over time. Debt can be classified as secured or unsecured and is commonly used for personal, business, or government financing. Managing debt responsibly is crucial for financial stability.
Example
"If you borrow ₹10,000 from a bank at 10% interest, you’ll need to repay more than ₹10,000 over time — that extra amount is the interest, making it debt."