A debt is when you owe money. An overdue debt could include not only a situation where you haven’t made your payments for a personal loan from a bank or loan company, or a hire-purchase debt, but also one where, for example, you haven’t paid one of the suppliers for your business or trade.
In this situation, the law generally refers to you as the “debtor”, and the person or company to whom you owe the money as the “creditor”.