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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. 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.