Debt relief is a process undertaken to reduce the monthly payments on debt by extending the time in which to pay the overall amount owed. Debt relief can at times also include writing off part of the debt. Sometimes, debt relief applies to one large debt such as a student loan. Other times, debt relief refers to a service provided by companies that bring a person’s many debts together, pay them off, and then negotiate a monthly principal and interest payment between their company and the debtor. This type of debt relief has many benefits to the person in debt. First, it often removes the debtor from the harassment of multiple creditors. Second, it lowers the monthly payment of the person in debt. Third, it makes the debtor responsible to just one creditor instead of many.

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