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Debt
Money you owe someone else.
Three ways to explain it
Hatchlings · Ages 5–6
Money you’ve borrowed and still have to give back.
Fledglings · Ages 7–8
Money you owe. Usually you pay back a bit more than you borrowed, because of interest.
High Flyers · Ages 9–10
Money owed to someone else, normally repayable with interest. Borrowing moves something forward in time — you get it now, and pay extra for the privilege.
Where to go next
We’re writing a full topic about this one. In the meantime, explore Money World.