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"Debt Service" is the total amount of money a person has to pay each year to cover their loan payments. This includes things like paying back the borrowed money (called principal) and any interest charged on the loan.
Jack took out a loan to buy a house, and he has to make monthly payments. Over the course of a year, he pays a total of $12,000 for his loan. That $12,000 is his Debt Service, which is the amount he needs to pay annually for the loan.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Debt Service, oh what's that you say?
It's the money we pay, year by year, day by day.
For loans we have taken, to buy or to build,
Debt Service, you see, must be fulfilled.
Principal and interest, combined in a sum,
The annual payment, to which we succumb.
A house or a car, it's all quite the same,
Debt Service, my friend, is part of the game.