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  • An obligation to pay money or something of value at a future date in accordance with an expressed or implicit agreement. A debt may or may not be secured. A secured debt is a collateralized debt for which the debtor uses assets to ensure that the debt will be paid, failing which the assets can then be converted into cash to fulfill the debt obligation.

    Debts may be issued by businesses or governments through bonds (IOUs), such as Treasury bonds, or they may be in the form of personal or sovereign (national) loans to be repaid by current or subsequent govern ments. The cost of a debt is the interest rate that must be paid in addition to the principal. This interest rate is normally based ...

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