Debt relief is a reduction or elimination of debt owed by a debtor to a creditor. It can be provided by the creditor voluntarily or through a legal process, such as bankruptcy. Debt relief can be provided to individuals, businesses, or countries.
Debt relief can be an important tool for helping people who are struggling with debt. It can provide them with a fresh start and allow them to rebuild their financial lives. Debt relief can also be beneficial for creditors, as it can help them to recover some of the money that they are owed.