The concept of debt has always created mixed reactions amongst both business houses as well as the common users. The concept of lending money was introduced in the society a long time back to provide financial assistance to the needful. In other words, a debt is created when a money-lender lends money or assets to an individual- known as the debtor. In today’s society, any debt is granted with a condition of repayment with interest. In the modern economy banking houses, both private and state-run form the main forms of debtors who lend out money to individuals as well as business houses.
