Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. From antiquity through the 19th century, it refers to domestic debts, in particular agricultural debts and freeing of debt slaves. In the late 20th century, it came to refer primarily to Third World debt, which started exploding with the Latin American debt crisis (Mexico 1982, etc.). In the early 21st century, it is of increased applicability to individuals in developed countries, due to credit bubbles and housing bubbles.
Read more about Debt Relief: Bankruptcy and Non-recourse Loans, Inflation, Debt Relief in Art
Famous quotes containing the words debt and/or relief:
“Man’s pity for himself, or for his son,
Always premising that said son at college
Has not contracted much more debt than knowledge.”
—George Gordon Noel Byron (1788–1824)
“That the townspeople might better see him, the President was persuaded to leave his carriage by the inducement that the ladies wished to get a look at him. ‘By Gad,’ he repied, ‘I’d like to see your ladies,’ and alighted.”
—For the State of New Hampshire, U.S. public relief program (1935-1943)