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)
“We realize that we are laggards from the past century, still living in what Marx kindly calls ‘the idiocy of rural life,’ and we know that our rural life is like that of the past, not like that of much of the present.”
—For the State of Vermont, U.S. public relief program (1935-1943)