I'm unable to find a precise classification and/or similarity between the two words - debt and loan. Should we consider debts (where people are helped financially or in a way they want that help - and they need to pay it off either in instalments or at a go, be it through paper money or by any other means according to the agreement) as loans OR Is there anything that could help us classify both these terms and show some dissimilarities and differences between them?
Don't get it mixed up, loan is a form of debt.. debt is anything that falls on the negative side of your finances, and loan is of them. You got a house on mortgage, it is debt. You damaged someone's property or you are fined an amount, all these and many more of such are debt. Loan is strictly a form of debt, that comes with an agreement between the Loaner and the debtor. Debt can be incurred any how, but loan comes is born out of consesus between the two parties. Although there are similarities.