Debt is the umbrella under which credit lives. Debt is what determines your credit which is why, if you have no debt, you’ll have no or low credit and you’ll have a harder time obtaining new credit when you need it.
Debt, in this case, is more than the accounts that show up on your credit report. It includes items you pay monthly that don’t report to credit, like child care costs, school tuition, and subscription services, etc. The main point where the underwriter will see these costs and ask about them to see if they’re debts that the lender needs to qualify your loan with, is on your bank statements. One of the reasons the underwriters and investors require 2 months bank statements is so they can determine if there are recurring debts that they may need to qualify your file with.
Non-purchasing spouse debt