When you were too late for school then come back and decide to eat your cereal in the afternoon.
EW Sahota laa why you eating cereal at 4:23
Sahota laa: ah im just paying off my cereal debt
by Swagalicious boy March 25, 2019
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A debt limit which is set by Congress and determines the absolute amount of federal debt the United States can hold.

The US Governments borrowing limit.
US stocks are sinking under the weight of the debt ceiling so it was necessary for Congress to vote to raise it, no matter what the consequences.
by Unc Wal August 2, 2011
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when someone gets you a gift, you are in gift debt to them. it makes you seem rude if you get a gift from them and give them nothing
my friend got me a really expensive gift, now i'm in gift debt to her and i cant afford it
by thfern December 17, 2009
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being in the red regarding phone calls to either one particular person or in general.
i am in serious call debt to my mom. she's buzzed me 3 times and i haven't called her back yet!
by kds818 October 7, 2009
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when your so bored with life that you just spend money to make your life seem more exciting.
ben: what did you do this weekend man?

craig: i went and applied for a future shop card and bought a new 3d tv and a ps3. also went and got a dirtbike....

ben: you already have a 60" led flat panel, and you live in the middle of the city, why did you go and get all that shit?

craig: i dunno, nothin to do.......was bored to debt
by HecklnDecalr June 2, 2010
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Any plan or organization that will eat-up your debt for you.
by skip mull April 23, 2010
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You are officially on a debt diet when you repitdly use phrase "Given the state of the economy...." or even simpler "I can't go out, I'm fucking broke."

Your budget constrains you to the essentials: Gas, Food, Weed. You have even backed off the dollar menu, because lets face it, even chicken nuggets are $1.19 at Wendy's now, and they charge for extra bbq sauce.

You have been reduced to eating salad, cold cuts and cereal, and live for free bagel Monday's at work.

Cigs? Forget it, you look for 2nd hand smoke.

You break down everything you do into dollar and cents.
"Hey lets go downtown tonight for drinks"

"What are you nuts!? 5 bucks a beer and 2.70 for a gallon of gas."
"I thought you were losing weight, I didnt know it was because of a debt diet!"

"i totally even forgot that it was Tuesday, no pizza for me tho, i'm spending as little as possible
i'm on debt diet"

"I haven't eaten solids in 2 weeks"
"Thats terrible for you, why"
"Fuck the south beach diet...I'm on the debt diet...CUP OF NOODLES BITCH"
by Jrockwhc June 2, 2009
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