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Debt relief is the term used to describe when part or all of a debt owed is forgiven, or when debt growth is slowed or stopped for a time. This term can apply to personal, corporate or national debt. If you are in need of debt relief, there are a number of routes you can take. There are steps that you can take personally towards debt relief, and there are other methods that involve other players. On your own, you can cut up/cancel your credit cards. It is just too easy to pull out the plastic and pretend that you have the money. Many, including the Debt Counseling Corp., suggest using a spending log to give you insight into managing your own debt relief. Write down everything you spend. Keep track of all expenses, no matter how large or small, including bills that you pay. Take note of the mood you are in when you are spending the money. After 3-5 days, review the spending log for trends in your spending habits (debtcounselingcorp.org). And then, ask yourself what you can and should change. You, personally, can also contact your creditors and ask them to make a temporary, different payment arrangement with you. This may slow down your debt's growth, putting you on the road to debt relief. With persistence, they are generally willing to work with you, rather than involving a third party. Ask for lower monthly payments or a lower interest rate for a time until you can get your finances back on track.

If you feel that you need to involve a third party for some debt relief, you have a few options. Contact your bank about a personal loan that would cover your other debts. In so doing, you end up only having to deal with one lender, and in general the interest rate will be lower than those of the individual debts you are unable to manage. This form of debt relief is called debt consolidation. You can also contact a debt negotiator, who will work with your creditors in an effort to give you some debt relief. You must be very careful with whom you choose to work with if you take this route to debt relief. There are a lot of companies out there that want your money and offer little to no debt relief aid. And finally, there is bankruptcy. This is usually a last resort for debt relief as it adversely affects your credit history for quite some time. The best thing you can do for yourself is to be proactive about your financial situation. Try to take control of the situation before it gets out of hand and you need to involve a third party. Make a budget, speak to you creditors and manage your spending. Taking these steps will save you a lot of time, money and frustration down the road.