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Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor. Heres what to know about various types of debt, including credit … Here are the main types of debt and tips for dealing with each one. · all debts are not created equal. Learn more about what debt is and how it works. · debt is money owed, but some debt is better than others. Debt is a financial obligation that must be repaid. · debt is a part of life, but there are many types of debt. In the modern world, a debt may be a large sum of money …