Refers to measures to reduce or refinance debt to make it easier for the borrower to repay it. Debt relief may involve consolidating your debts into a more manageable payment or exploring options to reduce your debts.
Debt settlement, also known as debt negotiation, involves wiping out debt by paying a portion in one lump sum. This sum typically is much less than what you originally owed. For the borrower, debt settlement can provide financial relief and put them on the path toward rebuilding their credit.