Debtors are individuals or entities that owe money to another party, often referred to as a creditor. This debt can arise from various situations, such as taking out a loan, using a credit card, or purchasing goods on credit. Debtors are responsible for repaying the borrowed amount, usually with interest, over a specified period. When a debtor fails to make payments, they may face consequences like late fees or damage to their credit score. In some cases, creditors may take legal action to recover the owed money. Understanding the responsibilities of being a debtor is essential for managing finances effectively and maintaining a good relationship with creditors.