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A "debtor" is a person or a company that owes money to someone else. When you borrow money, like taking out a loan or using a credit card, you become a debtor because you have to pay that money back.
Sally took out a loan to buy a new car. Until she pays off the loan, she is considered a debtor because she owes money to the bank that provided her the loan.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
A debtor, a debtor, who could that be?
A person or company, as you'll soon see.
When money is borrowed, from this one or that,
A debtor is born, and that is a fact.
With loans or with credit, the money must flow,
Back to the lender, as we all know.
So remember, dear friend, as you borrow with glee,
A debtor you'll be, until you are debt-free!