Being in debt is a situation where an individual or organization owes money to another party. OWING is the action of being in debt, and is typically used to refer to money owed to creditors. Being in debt can be caused by a variety of factors, such as taking out loans, using credit cards, or not paying bills on time. It can also be caused by overspending or living beyond one's means. Being in debt can have serious consequences, including damage to one's credit score, difficulty obtaining loans, and even legal action.