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TeachMeFinance.com - explain Floating debt historic definition... Floating debt -- Unfunded indebtedness ; indebtedness not represented by securities. Specifically, floating debt consists of (i) money directly borrowed; (2) money owed for miscellaneous purposes ; (3) money payable in a short time. Floating debt is the English name for the British government's temporary liabilities in the form of Treasury bills, etc., as distinguished from the funded debt ; see Funded debt. 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 © 2007 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.