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:
“A good debt is not as good as no debt.”
—Chinese proverb.
“[I]t forged ahead to become a full-fledged metropolis, with 143 faro games, 30 saloons, 4 banks, 27 produce stores, 3 express offices—and an arena for bull-and-bear fights, which, described by Horace Greeley in the New York Tribune, is said to have given Wall Street its best-known phrases.”
—For the State of California, U.S. public relief program (1935-1943)