- published: 23 Apr 2013
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A debt is an obligation owed by one party (the debtor) to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.
A debt is created when a creditor agrees to lend a sum of assets to a debtor. Debt is usually granted with expected repayment; in modern society, in most cases, this includes repayment of the original sum, plus interest.
In finance, debt is a means of using anticipated future purchasing power in the present before it has actually been earned. Some companies and corporations use debt as a part of their overall corporate finance strategy.
The word comes from the French dette and ultimately Latin debere (to owe), from de habere (to have). The letter b in the word debt was reintroduced in the 18th century, possibly by Samuel Johnson in his Dictionary of 1755 – several other words that had existed without a b had them reinserted at around that time.
Donald John Trump, Sr. (born June 14, 1946) is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have made him a well-known celebrity who was No. 17 on the 2011 Forbes Celebrity 100 list. He is well-known as a real-estate developer who amassed vast hotel, casino, and other real-estate properties, in the New York City area and around the world.
Trump is the son of Fred Trump, a wealthy New York City real-estate developer. He worked for his father's firm, Elizabeth Trump & Son, while attending the Wharton School of the University of Pennsylvania, and in 1968 officially joined the company. He was given control of the company in 1971 and renamed it The Trump Organization.
In 2010, Trump expressed an interest in becoming a candidate for President of the United States in the 2012 election. In May 2011, he announced he would not be a candidate, but a few weeks later he said he had not completely ruled out the possibility. In December 2011, Trump was suggested as a possible Vice Presidential selection by Michele Bachmann. Bachmann has since suspended her presidential campaign.
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