What does 'amount owned' refer to in terms of credit?

The term 'amount owed' in the context of credit specifically refers to the total amount of debt you have accrued. This figure includes outstanding balances on loans, credit cards, mortgages, and any other types of credit accounts. It is an essential aspect of personal finance as it gives a clear picture of your financial obligations and overall credit health. Monitoring the amount owed helps individuals manage their finances effectively, as high levels of debt can signal potential financial distress and affect credit scores.

The other options address different aspects of credit management. The amount of available credit relates to the credit limit on revolving accounts, which has no bearing on what is currently owed. Total income received pertains to earnings rather than debts, and the amount spent on credit cards indicates usage but does not encompass all debts owed. Therefore, identifying the 'amount owed' accurately captures the specific financial responsibility one has in the realm of credit.