Debt is pretty fundamental stuff in our modern world, not just for individuals, but even more so for governments and business.
In terms of individuals though, debt is created when a creditor (such as a credit card company) agrees to lend money to a debtor (such as you).
CREDIT CARD COMPANIES CREATE DEBT SLAVES
Credit card companies expect repayment with interest. And this is where things can get out of hand. Credit card companies have the ability to charge a LOT of interest. In fact, historically speaking, this kind of debt arrangement was responsible for the creation of indentured servants. Unlike a slave, an indentured servant is required to work only for a limited term specified in a signed contract. However, the way the credit card companies set up their interest payments, regular folks – just like you – end up being a slave to paying off interest and debt for their whole lives.
This site is dedicated to helping individuals get out of debt.