Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor. The debt may be owed by sovereign state or country, local government, company, or an individual. Debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt.
Debt review is started when a debt counsellor looks at a client’s outstanding debt and implements a restructured debt repayment plan. This is usually done by renegotiating interest rates with the debtor’s credit providers in order to reduce the outstanding debts, as well as by extending the debt repayment period.
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