The term debt is c. 1300, dette, "anything owed or due from one person to another, a liability or obligation to pay or render something to another," from Old French dete, from Latin debitum "thing owed," neuter past participle of debere "to owe," originally, "keep something away from someone," from de "away" (see de-) + habere "to have."

Owning debt is controversial these days. Too much college debt. More debt than savings. Which one is correct? Is it better to have no debt, some debt, or a lot of debt? It depends who you ask. How about using debt to buy assets? Assets put money in your pocket. People buy liabilities because they think are assets. Bad debt is debt you pay for; credit card debt, mortgage, and car payments. Good debt somebody else pays for you. Think about it.

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Liability, obligation of payment, money for assets