Debt Problems: What exactly do we define as debt?
Debt takes on many different forms. For example, debt can be services provided on credit, i.e. gas and electricity bills; to consumer debts - purchases made on credit via store cards or credit cards. Then there are loans and mortgages, hired purchase agreements, government payable fees (national insurance, income tax, etc.) - the list is a long one.
There are two basic categories of debt: secured debt and unsecured debt.