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:
“Ambition’s debt is paid.”
—William Shakespeare (1564–1616)
“Western hospitality prevails; it is reminiscent of the kind displayed earlier here by a host who said to an unexpected guest, “Stranger, you take the wold skin and the chaw o’ sowbelly—I’ll rough it.””
—Administration in the State of Texa, U.S. public relief program (1935-1943)