LYCOS RETRIEVER 
Debt Relief: Payments
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The first self help debt relief technique is creating a budget. It is very important to have an honest assessment of how much money is earned and how much money is spent every month. Differentiating between fixed ongoing monthly expenses (such as a mortgage or car payment) and variable monthly expenses (such as entertainment or clothing purchases) is very important. Making these assessments can help many people get their finances under control.
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Debt-service payments of the 31 post-decision-point HIPCs have declined as a result of debt relief under the HIPC Initiative and the MDRI. For HIPCs, the median debt-service payment per capita has decreased from US$9.2 in 2000 to US$4.5 in 2005 – a reduction of more than 50 percent.
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Debt relief can usually be negotiated with lenders. Some lenders may reduce or suspend payments for a short time. When it is time to resume regular payments, though, it may be necessary to pay an additional amount toward the past due total. Other lenders may agree to change the terms by extending the repayment period to reduce the monthly payments.
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Eight more countries have reached their "decision" points and are receiving interim debt relief from IDA under HIPC. Therefore, three fourths of those eligible, 30 countries, currently receive debt relief, which could amount to up to US$63 billion (2005 NPV) in lower debt service payments over time. The remaining 10 HIPC countrieswill be eligible for debt cancellation, once they have completed the requirements of the HIPC Initiative. Many of these countries have been beset by civil war, cross-border armed conflict, and governance challenges that include the buildup of substantial arrears on external debt, in some cases.
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