Living with debt can be taxing, but there is a way out. Debt relief is the reduction or refinancing of debts to make them easier to pay through debt consolidation, debt settlement, credit counseling, and filing for bankruptcy. Eligibility for these programs may range from individuals to small or medium enterprises, large corporations, or even entire nations. This article talks about how individuals can benefit from debt-relief programs. 1. Reduces interest rates or monthly payments With debt consolidation loans or debt management programs, individuals can reduce the interest owed or make arrangements for a more affordable, low-interest repayment program. This can be particularly helpful for those with high-interest debt, like credit cards. 2. Reduces debt amount Opting for a debt settlement program could result in having up to 50% of one’s owed amount forgiven, while the rest may be settled via faster routes. For those with overwhelming debt, this can be a boon. When working with a legitimate debt settlement company, one may be allowed to pay off their debt in two to four years. 2. Helps streamline payments Borrowers can combine multiple outstanding debts into a single payment plan with debt consolidation loans. This can reduce the stress of keeping track of multiple payments or staying on top of interest expenditures.