When combined, 负债 (fùzhài) paints a vivid picture: “to carry (负) a financial responsibility (债).” This etymology is key to understanding its burdensome feeling.
Historically, Chinese culture has held a strong aversion to 负债. Thrift and saving were paramount virtues, and being in debt was often viewed not just as a financial problem, but as a moral failing or a source of deep shame (丢脸 - diūliǎn, “to lose face”). The idiom “无债一身轻 (wú zhài yī shēn qīng)” — “to be without debt is to have a light body” — perfectly captures this traditional ideal. This contrasts sharply with modern American/Western consumer culture, where credit is ubiquitous and certain types of debt (like a mortgage or student loan) are normalized and even encouraged as “investments” or financial leverage. While modern China has seen a massive shift with the rise of mortgages, car loans, and digital credit platforms like Ant Group's “Huābài” (花呗), the underlying cultural caution remains. Young people may use credit for convenience, but the goal is almost always to pay it off quickly. The concept of carrying a credit card balance for years, common in the West, is still largely seen as irresponsible. Furthermore, 负债 extends beyond money. The term 人情债 (rénqíng zhài), or a “debt of human favor,” is a powerful social concept. If someone does you a significant favor, you carry this non-financial 债 (zhài) until you can repay it, reflecting the deep importance of reciprocity in Chinese social relations (guānxi).
负债 (fùzhài) is used in both formal and informal contexts, but almost always implies a serious or significant amount of debt.