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TeachMeFinance.com - explain debt service debt service -- Payment of scheduled interest obligations on outstanding debt. As used in CBO's Budget and Economic Outlook, debt service refers to a change in interest payments resulting from a change in estimates of the surplus or deficit. another definition... debt service -- the payments of principal and interest by a borrower to a lender. Commonly used in reference to mortgage loans and long-term government or industrial bonds . The payments may be monthly, quarterly, semiannual or annual. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.