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:
“This is the debt I pay
Just for one riotous day,”
—Paul Laurence Dunbar (1872–1906)
“If the king is in the palace, nobody looks at the walls. It is when he is gone, and the house is filled with grooms and gazers, that we turn from the people, to find relief in the majestic men that are suggested by the pictures and the architecture.”
—Ralph Waldo Emerson (1803–1882)