Debt is when you borrow an amount of money from someone, or a whole company. You are given a set time when to pay it off, and the interest that is included. Lets say that I borrow $1,200 from a local loan office, and I have a year to pay it off and the interest is 2%. Remember this, interest is included every month, not every year. I would be paying for the first month $124. The next month will be $124 plus 2%. That is how it works.
The church leaders say that the only good reasons to borrow money are for a modest home, or for education. They also tell us to avoid credit card debt, because of it's ability to purchase something you don't have the money for, and the high interest it accumulates.
Debt is a nasty thing to get yourself into. Interest accumulates until you pay it off, there is no leniency if your are sick, unemployed, or any other reason to hinder your ability to pay it off. The debt collectors aren't merciful either. They expect their money back, and more, and they want it by the deadline. If you can't pay the debt, your possessions will be taken to pay for the debt. If you don't have enough possessions to pay the debt, your house will be taken.
Don't go into debt for nice clothes, a nice car, or a nice TV, or whatever you want, not need. Unless you can afford such luxuries, don't go into debt for them.
The church's advice for when you are in debt, is to pay it off as soon as possible.