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To be required to repay money or another asset to an individual, company, or other organization. One owes a debt after one has borrowed money or another asset. In business and government, debt is often owed in the form of bonds, which are securities entitling the bearer to repayment at the appropriate time(s). Occasionally, especially for personal loans, debt is owed without interest or other compensation; one simply owes what was lent. This is exceedingly rare in business and a debtor almost always owes a creditor a certain amount of interest, representing the time value of money.