Debtors are individuals or businesses that owe money, whether to banks or other individuals. Debtors are often called borrowers if the money owed is to a bank or financial institution, however, they are called issuers if the debt is in the form of securities.
'Debtor' refers not only to a goods and services client but also to someone who borrowed money from a bank or lender.
Explanation:
Forexample, if you take a loan to buy your house, then you are a debtor in the sense of borrower, while the bank holding your mortgage is considered to be the creditor
Answers & Comments
Verified answer
Explanation:
Debtors are individuals or businesses that owe money, whether to banks or other individuals. Debtors are often called borrowers if the money owed is to a bank or financial institution, however, they are called issuers if the debt is in the form of securities.
Answer:
'Debtor' refers not only to a goods and services client but also to someone who borrowed money from a bank or lender.
Explanation:
For example, if you take a loan to buy your house, then you are a debtor in the sense of borrower, while the bank holding your mortgage is considered to be the creditor