personal debt

Personal debt refers to money owed by an individual to creditors, typically resulting from borrowing through loans, credit cards, or other financial products. It arises when expenses exceed income or when necessary purchases are made and paid off over time. Managing personal debt involves understanding repayment terms, interest rates, and ensuring payments are made on time to avoid financial stress or damage to credit scores. Responsible borrowing and timely repayment are essential to maintaining financial health and avoiding long-term financial challenges.