Payer (Debtor)
A payer (or debtor) is an individual or entity that owes money to another party, typically as a result of borrowing or purchasing goods and services on credit. The payer is responsible for repaying the debt according to the agreed-upon terms, which may include interest and a specific repayment schedule.
In financial transactions, the payer can be a person, a business, or even a government. The party to whom the money is owed is known as the creditor. Understanding the roles of both the payer and creditor is essential in managing debts and ensuring timely payments.