Source : Webster's Revised Unabridged Dictionary (1913)

Debt \Debt\, n. [OE. dette, F. dette, LL. debita, fr. L. debitus
   owed, p. p. of debere to owe, prop., to have on loan; de- +
   habere to have. See {Habit}, and cf. {Debit}, {Due}.]
   1. That which is due from one person to another, whether
      money, goods, or services; that which one person is bound
      to pay to another, or to perform for his benefit; thing
      owed; obligation; liability.

            Your son, my lord, has paid a soldier's debt.
                                                  --Shak.

            When you run in debt, you give to another power over
            your liberty.                         --Franklin.

   2. A duty neglected or violated; a fault; a sin; a trespass.
      ``Forgive us our debts.'' --Matt. vi. 12.

   3. (Law) An action at law to recover a certain specified sum
      of money alleged to be due. --Burrill.

   {Bond debt}, {Book debt}, etc. See under {Bond}, {Book}, etc.
      

   {Debt of nature}, death.

Source : WordNet®

debt
     n 1: the state of owing something (especially money); "he is
          badly in debt"
     2: money or goods or services owed by one person to another
     3: an obligation to pay or do something