Managing debt in Canada Paying down debt, what to do if a collection agency contacts you and getting help with debt. What is debt in simple words? Debt is the amount of money borrowed by one party, from another. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest. In simple words, debt is money borrowed from another party, for something you can’t afford. Too much debt can turn good debt into…
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