Debt
Liability
Money you owe to someone else.
In plain language
A balance you're obligated to pay: a card balance, car loan, student loan, mortgage. It has a size and a cost (the interest rate).
Why it matters
Owing less is half the sentence. Liabilities are what you're shrinking.
Put it to work
Own more. Owe less.
Every word here shows up in a real decision. Run your own number, or get the next one in The Letter.