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Debt Relief: World Bank
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Debt relief is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. It concerns in particular the Third World debt, which started exploding with the Latin American debt crisis (Mexico 1982, etc.).
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Debt relief is the forgiveness or partial forgiveness of a debt. Other definitions have ... been applied such as the slowing of a debt or the stopping of the interest on the debt as well. In terms of personal relief this has been seen to be an escalating problem over the last few years in many places around the world.
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Opponents of debt relief argue that it is a blank cheque to governments, and fear savings will not reach the poor in countries plagued by corruption. Others argue that countries will go out and contract further debts, under the belief that these debts will ... be forgiven in some future date. They use the money to enhance the wealth and spending ability of the rich, many of whom will spend or invest this money in the rich countries, thus not even creating a trickle-down effect. They argue that the money would be far better spent in specific aid projects which actually help the poor. They further argue that it would be unfair to third-world countries that managed their credit successfully, or don't go into debt in the first place, that is, it actively encourages third world governments to overspend in order to receive debt relief in the future. Others argue against the conditionalities attached to debt relief.
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FDR specializes in a form of debt relief known as credit card debt settlement. It is an innovative approach to debt consolidation that aims at reducing the actual amounts owed, not just interest and payments. By negotiating with credit card companies, clients are able to reduce their debt by as much as 50 percent. It is a suitable debt relief option for consumers who are unable to afford their minimum payments or owe an overwhelming amount of debt. For this reason many clients turn to FDR as a way to avoid bankruptcy.
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The road to debt relief is not a single path. Having multiple plans of action can make a world of difference to your financial situation. With some research and astute strategic planning, you can start a debt management program that will reduce your debt and save you some money in the process.
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The head of the World Bank's debt relief programme has blamed the contradictory policies of the industrialised world for failing poor countries. "A case can be made that trade policies which seek to protect domestic producers of commodities in the developed world end up hurting poor countries which are receiving debt relief through another programme," said Vikram Nehru of the World Bank. BBC / UN Wire
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