As per the Oxford dictionary ‘Debt’ is a sum of money that is owed or due. There are two scenarios in which a person would want to take on a debt: First: a person who had to take a debt for the sake of fulfilling life necessities such as obtaining food, dwelling, clothes, education, and it’s like. Second: a person who intentionally takes a debt to fulfill their carnal desire such as for entertainment, adornment, especially since then there is ample choice for taking loans these days.
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