history: i am indebted to my bank ,what does that mean?
knowledge: Debt is money owed by one party, the borrower or debtor, to a second party, the lender or creditor.
response: It means you owe the bank money.  The bank is the lender or creditor
history: i am indebted to my bank ,what does that mean?
It means you owe the bank money.  The bank is the lender or creditor
so do i have an obligation to repay,since im not fully aware of my debt portfolio
knowledge: The term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.
response: I can't say. I do know "debt" can sometimes refer to moral obligations and similar non-economic interactions.
history: i am indebted to my bank ,what does that mean?
It means you owe the bank money.  The bank is the lender or creditor
so do i have an obligation to repay,since im not fully aware of my debt portfolio
I can't say. I do know "debt" can sometimes refer to moral obligations and similar non-economic interactions.
well,there was no collateral demanded,it was given based on personal grounds you know
knowledge: Loans, bonds, notes, and mortgages are all types of debt.
response: What kind of debt is it?  There are several kinds, such as mortgages, notes, bonds and loans.
history: i am indebted to my bank ,what does that mean?
It means you owe the bank money.  The bank is the lender or creditor
so do i have an obligation to repay,since im not fully aware of my debt portfolio
I can't say. I do know "debt" can sometimes refer to moral obligations and similar non-economic interactions.
well,there was no collateral demanded,it was given based on personal grounds you know
What kind of debt is it?  There are several kinds, such as mortgages, notes, bonds and loans.
simply a loan portfolio so says the bank manager even though i dont understand that jargons
knowledge: Debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest.
response: That's unfortunate.  There should be some contractual terms that shows the amount of repayment and how often payments need to be made.
history: i am indebted to my bank ,what does that mean?
It means you owe the bank money.  The bank is the lender or creditor
so do i have an obligation to repay,since im not fully aware of my debt portfolio
I can't say. I do know "debt" can sometimes refer to moral obligations and similar non-economic interactions.
well,there was no collateral demanded,it was given based on personal grounds you know
What kind of debt is it?  There are several kinds, such as mortgages, notes, bonds and loans.
simply a loan portfolio so says the bank manager even though i dont understand that jargons
That's unfortunate.  There should be some contractual terms that shows the amount of repayment and how often payments need to be made.
ok so i need time to offset my debt then
knowledge: A simple way to understand interest is to see it as the ''rent'' a person owes on money that they have borrowed, to the bank from which they borrowed the money.
response: OK. One way to understand loan interest is as a form of rent that the borrow owes on the money they borrowed.