"Technical debt occurs when a team decides to follow a particular course of action that results in lower quality solutions in favor of time or monetary savings. For example, a team may decide to implement a search solution with limited capability to get a system out into the hands of the users due to a timeline constraint. In this case, there is 'debt' to be paid in the future to replace the solution with something more robust when time permits.
Technical debt can also happen in situations in which the engineers or architects lack the knowledge necessary to develop the most efficient and effective solution possible. They may realize down the line that the solution as designed is not extensible or feasible for the future. In this case, the 'debt' is represented by the effort it would take to refactor the solution to fit the future requirements.
It is important to allocate time regularly to addressing technical debt because it sets the stage for future feature development to occur in the most efficient manner possible. It is similar to performing maintenance on your home. If you regularly service your major systems and appliances, you can delay and sometimes even avoid costly replacements in the future."
