Debts can be seen as what an individual or a business owes. Debts can arrive in various cases like Loan, Credit purchase, etc. Different debt has an agreement by parties involved, some debts are meant to be paid within a short period of time while others are meant to be paid within a long period time, can be referred to as short and long term debts respectively. Sometimes when a person is unable to pay his/her debts the person can be charged to court and declared bankrupt
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