Long-Term Debt

What is long-term debt?

Long-Term Debt Definition: Long-term debt or a long-term loan refers to a commitment to repay a liability that typically lasts longer than one year. This definition refers to many types of loans that include mortgages, car financing, and student loans.

Long-term debt is also recorded on a balance sheet or financial statement as a liability that will take more than one year to pay in full. On the other hand, a short-term loan or debt is less than one year. Companies are obliged to report their long-term debt on their financial reports.

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