The term technical debt was coined by Ward Cunningham in 1992. To understand technical debt, let's compare it with financial debt.
Financial debt is an arrangement that gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest. Financial debt is generally needed due to overspending, lack of financial knowledge, poorly managed budget, etc. to name a few. You might also raise a financial debt to invest in your capital-intensive business, education, etc. which would bring returns in the future. Financial debt is not always a bad thing as long as you're aware of the consequences and always keep it under control.
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