Meaning of the word debtors in English

What does debtors mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

debtors

US /ˈdɛtərz/
UK /ˈdetəz/

Plural Noun

people or entities that owe money to others

Example:
The company is struggling to collect payments from its debtors.
Many small businesses became debtors during the economic downturn.