What you borrow and the costs related to it are defined as your debts. Debt can be used as a fiscal term as well for other non-monetary dealings. If you spend money before you earn it, it is called, in some cases, borrowing. The debtor is the person who takes the debt and creditor is the person who lends. Usually, there are conditions applied to the debt a person is given, for example, repayment in a timely manner.