Debit

Everyone and their brother (and sister) likely owns an ATM/Debit card. Debits and Credits are accounting terms that come to us in the form of subtracting or adding funds into our accounts. A standard entry in double entry accounting, a debit can be entered in any category from which something is taken, whether it be cash, inventory, credit, etc., and a credit to any category where something is added.

On some occasions, a credit asset can turn into a debit liability. Take Harvey Weinstein, for example. Having the bragging rights over bedding scores of beautiful actresses was a credit for him throughout Miramax heyday years and subsequent Weinstein Group movie release years. Since #MeToo, those actresses have turned into a debit for him, and are likely going to send him to jail, where a Saturday night date is much easier to find.