What is the difference between a public debt and a private debt?

Public debt refers to the money that a government owes to external creditors or domestic entities, often through bonds or loans, to finance its activities. Public debt is usually paid for through taxes, government revenue, or by borrowing more money. Private debt, on the other hand, is the debt owed by individuals or private sector entities such as businesses. Private debt can be incurred through personal loans, mortgages, or corporate loans. While public debt is typically managed by the government, private debt is the responsibility of individuals and companies. The key difference lies in the debtor and how the debt is managed and repaid.