Debt
Etymology
From Old French "dette", from Latin "debitum" (thing owed), from "debere" (to owe), itself from de "away" + habere "to have". English long spelled it "dette"; the silent "b" was inserted by Renaissance scholars to flag the Latin root — a letter that was never pronounced and exists only as a fossil of etymology.
noun · /DET/
Money that one party owes to another and is obligated to repay.
What it names
The plainest name for a claim on your future income — what you have already spent and must earn again to settle.
Example
They cut every extra expense for a year to clear the last of their credit-card debt.
Related idea
Distinguish liability, the accountant’s broader term: every debt is a liability, but liabilities also include obligations that aren’t borrowed money, such as taxes owed or a pending legal judgment.