Category:Debt

Debt, n. Etym: [OE. dette, F. dette, LL. debita, fr. L. debitus owed, p. p. of debere to owe, prop., to have on loan; de- + habere to have. See Habit, and cf. Debit, Due.]

1. That which is due from one person to another, whether money, goods, or services; that which one person is bound to pay to another, or to perform for his benefit; thing owed; obligation; liability. Your son, my lord, has paid a soldier's debt. Shak. When you run in debt, you give to another power over your liberty. Franklin.

2. A duty neglected or violated; a fault; a sin; a trespass. "Forgive us our debts." Matthew 6:12.

3. (Law)

Defn: An action at law to recover a certain specified sum of money alleged to be due. Burrill. Bond debt, Book debt, etc. See under Bond, Book, etc. -- Debt of nature, death.

---excerpt from the Illustrated Bible Dictionary.

Debt - The Mosaic law encouraged the practice of lending (Deuteronomy 15:7; Psalms 37:26; Matthew 5:42); but it forbade the exaction of interest except from foreigners. Usury was strongly condemned (Proverbs 28:8; Ezekiel 18:8, Ezekiel 18:13, Ezekiel 18:17; Ezekiel 22:12; Psalms 15:5). On the Sabbatical year all pecuniary obligations were canceled (Deuteronomy 15:1). These regulations prevented the accumulation of debt.