Debt: Only pure assets and equity ownership exist without corresponding debt. For financial saving, one party’s saving deposit, loan or credit appears as another party’s debt on the opposite side of the balance sheet. (Even net worth appears on the liabilities side of the balance sheet.)

Debt bondage: The obligation of debtors to provide their own labor and/or that of family members to creditors to carry the interest and principal charges on loans or other financial claims. In today’s postindustrial economy this obligation takes the form of homeowners and employees spending their working lives paying off their mortgages and other personal debts in an attempt to improve or merely to maintain their economic position.

Debt drag: Like f ... Read more »