Debt is simply an amount of money owed to a creditor. In most cases, debt is established through a legal contract giving certain rights to the creditor and certain rights to the debtor. The most basic right typically offered the creditor is the right to repayment. Once acquired, debt is difficult to eliminate. Creditors can legally productize debt in the form of account portfolios, which can then be sold to debt collection agencies—companies that specialize in collecting debt.