Non-financial debt consists of credit instruments issued by governmental entities, households and businesses that are not included in the financial sector. (The financial sector comprises commercial banks, insurance companies, non- banking financial companies, co- operatives, pension funds, mutual funds and other smaller financial entities). Non-financial debt includes household or commercial loans, Treasury bills and credit card balances. They share most of the same characteristics with financial debt, except the issuers are non-financial. Hence correct answer is option (d).