Definition

A person or entity that owes money, making them the star of collection agencies' dreams and creditors' spreadsheets. In bankruptcy proceedings, they're the main character in a financial tragedy. Distinguished from a borrower by the implication that payment is overdue or the relationship has gone south.

Example Usage

After missing three payments, the borrower officially became a debtor and started receiving strongly worded letters.

Source: Legal and financial terminology

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fotcl

fell off the chair laughing...