Debt Resolution Services & Agreements

Debt refers to money owed by an individual or a nation.

Debt resolution services reach beyond individual debtors, at times encompassing entire nations. Governments or banks may at times completely or partially absolve debt based upon certain conditions.

Details

According to "The Finish Rich Workbook," some consumer debt resolution services claim they can completely fix damaged credit or wipe away all debts. Beware. These services are often disreputable. Trustworthy debt resolution companies, however, will help determine the causes of your debt, the amount you owe and a plan for paying it off, which could include forming agreements with your creditors.

International Scope

Going beyond the consumer level, the book "The Politics of International Economic Relations" cites the 1980s as a period of debt crisis among nations. Some so-called "creditor" nations, including Britain, France, Germany, and the United States, agreed to relieve debt held by some impoverished countries, such as those in sub-Saharan Africa. In 1987, the Expanded Structural Adjustment Fund was created to reconsider the debt burdens of these less-developed countries.

Organizations

Recommended consumer debt counselors, according to "Finish Rich," include Consumer Credit Counseling Services and the Myvesta Foundation. Both operate as nonprofits, helping people solve their credit and debt problems. In particular, Myvesta works with those carrying large debt burdens, with their clients averaging more than $100,000 in consumer debt.

References

• "The Finish Rich Workbook"; David Bach; 2003
• "The Politics of International Economic Relations"; Joan Edelman Spero, Jeffrey A. Hart; 2009

Resources

• Consumer Credit Counseling Services
• Myvesta Foundation