Which of these is the BEST example of debt?

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Question:

Which of these is the BEST example of debt?

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A) A person buys a new car.
B) A person pays interest on a mortgage.
C) A person deposits a paycheck into a savings account.
D) A person withdraws money from a bank account using an ATM card.

Answer:

A debt can be defined as an obligation which a person needs to pay on a decided date. Generally, a debt is accompanied with interest payments.

Thus, the correct answer from the above choices is –

B) A person pays interest on a mortgage.

All the three options do not fall in the category of debt, as car is an asset, paycheck in savings account is savings and withdrawing from bank using ATM is not a debt.

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