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The glossary

Put simply, a debt is a sum of money that is owed by a party (the debtor) to another (the creditor).


Debt has a long history. Systems of debt could be found in early civilizations like in Mesopotamia, 5000 years ago. Ancient records show that borrowing and debt have posed problems for organized society. At the time, when unable to meet their obligation, debtors often ended up servants of their creditors.

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