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Countless debates and discussions take place on the topic of debt and debt relief. Being debt free is every ones dream. No one wants to live his/her life with the problem of paying off debts. A person who has debts worries everyday to find a way to repay the loans that he/she owns to others. I remember I borrowed a little amount from my dad and my dad kept reminding me to repay it. At first I did not understand why my dad did this. I used to joke with him and say ‘come on dad you are my father. I do not have to repay you’. My dad would smile and say ‘I am giving you a very valuable lesson that will help in future’. Every month my dad asked me to cut some amount from my pocket money and give it to him. It was frustrating when I was left with less pocket money. And then finally one month he handed me the whole pocket money.

I was so happy and asked him ‘you are not cutting my pocket money this month’. He said ‘your debt has been paid and now you are debt free’. No doubt my dad did give me a very valuable lesson. Now whenever I think about borrowing money I keep in my mind that it’s a debt. I have to repay as soon as possible. And it has become my habit to avoid taking up loans. I am glad that my dad taught me ways in which I can stay debt free. A person must realize that all loans have to be paid with interest rates.

Those people who have a habit of taking up different loans often find it very difficult to pay off their loans. Debt relief is designed to forgive the partial debt. It slows down the growth of the debt by lowering the interest rates. In some cases debt relief forgives the total debt of the customer. Sometimes government provides debt relief to the government sector employees. Different credit card companies are also willing to reduce interest rates on credit or debit cards.