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:
“There is, of course, a gold mine or a buried treasure on every mortgaged homestead. Whether the farmer ever digs for it or not, it is there, haunting his daydreams when the burden of debt is most unbearable.”
—Fawn M. Brodie (1915–1981)
“It is told that some divorcees, elated by their freedom, pause on leaving the courthouse to kiss a front pillar, or even walk to the Truckee to hurl their wedding rings into the river; but boys who recover the rings declare they are of the dime-store variety, and accuse the throwers of fraudulent practices.”
—Administration in the State of Neva, U.S. public relief program. Nevada: A Guide to the Silver State (The WPA Guide to Nevada)