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What is debt relief?Debt relief offers you a way to manage high levelsof debt by wiping it away completely, changingyour payment schedule to meet your incomelevels, persuading lenders to accept less thanagreement amount for your debt, or changing yourinterest rates for more comfortable paymentschedules. Debt relief may change the terms ofyour debt to allow you to get over it moreefficiently. |
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Answer» Debt relief or debt cancellation 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. |
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