Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor. Debt is a deferred payment, or series of payments, that is owed in the future, which is what differentiates it from an immediate purchase. The debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt. The term can also be used metaphorically to cover moral obligations and other interactions not based on economic value. For example, in Western cultures, a person who has been helped by a second person is sometimes said to owe a “debt of gratitude” to the second person.Debt (Wikipedia)
When people think or talk about debt it is usually in the context of financial debt, the borrowing of money against the future to pay for something today. But there are other forms of debt, the one that most readily comes to mind is the concept of “technical debt” from the world of software development.
“You can pay me now or you can pay me later.”
Recently I’ve been thinking about debt in the more general, more broad sense, specifically as it might apply to cultural and societal progress (or lack thereof).