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:
“I wish the days to be as centuries, loaded, fragrant. Now we reckon them as bank-days, by some debt which is to be paid us, or which we are to pay, or some pleasure we are to taste.”
—Ralph Waldo Emerson (1803–1882)
“By 1879, seven churches of various denominations were holding services, which led the local Chronicle to comment, “All have but one religion and one God in common; it is the Crucified Carbonate.””
—Administration in the State of Colo, U.S. public relief program (1935-1943)