The money you owe to a person or a company

There are a lot of types of debt - credit card, car and student loans, child support and alimony. Debt can burn a hole in your pocket, leaving you with little opportunity to save money. If debt takes a big bite out of your income, start looking at ways to manage your finances since lenders prefer you have very manageable debts when you apply for a loan to buy a home.

See: Acceptable debt