Technical debt

Technical debt (also known as design debt or code debt, but can be also related to other technical endeavors) is a concept in software development that reflects the implied cost of additional rework caused by choosing an easy (limited) solution now instead of using a better approach that would take longer.
As with monetary debt, if technical debt is not repaid, it can accumulate 'interest', making it harder to implement changes. Unaddressed technical debt increases software entropy. Similarly to monetary debt, technical debt is not necessarily a bad thing, and sometimes (e.g., as a proof-of-concept) is required to move projects forward. On the other hand, some experts claim that the "technical debt" metaphor tends to minimize the ramifications, which results in insufficient prioritization of the necessary work to correct it.
As a change is started on a codebase, there is often the need to make other coordinated changes in other parts of the codebase or documentation. Changes required that are not completed are considered debt, and until paid, will incur interest on top of interest, making it cumbersome to build a project. Although the term is used in software development primarily, it can also be applied to other professions.
Causes.
Common causes of technical debt include:
Service or repay the technical debt.
Kenny Rubin uses the following status categories:
Consequences.
"Interest payments" are caused by both the necessary local maintenance and the absence of maintenance by other users of the project. Ongoing development in the upstream project can increase the cost of "paying off the debt" in the future. One pays off the debt by simply completing the uncompleted work.
The buildup of technical debt is a major cause for projects to miss deadlines. It is difficult to estimate exactly how much work is necessary to pay off the debt. For each change that is initiated, an uncertain amount of uncompleted work is committed to the project. The deadline is missed when the project realizes that there is more uncompleted work (debt) than there is time to complete it in. To have predictable release schedules, a development team should limit the amount of work in progress in order to keep the amount of uncompleted work (or debt) small at all times.
If enough work is completed on a project to not present a barrier to submission, then a project will be released which still carries a substantial amount of technical debt. If this software reaches production, then the risks of implementing any future refactors which might address the technical debt increase dramatically. Modifying production code carries the risk of outages, actual financial losses and possibly legal repercussions if contracts involve service-level agreements (SLA). For this reason we can view the carrying of technical debt to production almost as if it were an "increase in interest rate" and the only time this decreases is when deployments are turned down and retired.
While Manny Lehman's Law already indicated that evolving programs continually add to their complexity and deteriorating structure unless work is done to maintain them, Ward Cunningham first drew the comparison between technical complexity and debt in a 1992 experience report:
In his 2004 text, "Refactoring to Patterns", Joshua Kerievsky presents a comparable argument concerning the costs associated with architectural negligence, which he describes as "design debt".
Activities that might be postponed include documentation, writing tests, attending to TODO comments and tackling compiler and static code analysis warnings. Other instances of technical debt include knowledge that isn't shared around the organization and code that is too confusing to be modified easily.
Writing about PHP development in 2014, Junade Ali said:
Grady Booch compares how evolving cities is similar to evolving software-intensive systems and how lack of refactoring can lead to technical debt.
In open source software, postponing sending local changes to the upstream project is a form of technical debt.