Debt relief is a term used to describe various strategies designed to help individuals or organizations repay, restructure or reduce their outstanding debts. Synonyms for debt relief include debt restructuring, debt management, debt reduction, debt settlement, and debt consolidation. Debt restructuring is a process in which the borrower and lender collectively rework the terms of the debt to create a new payment plan that is easier to manage. Debt management involves the development of a budget plan and a structured payment schedule. Debt reduction relies on negotiation between the debtor and the creditor to agree on a discounted amount to fully pay off the debt. Debt settlement is an agreement between a debtor and a creditor allowing the final payment of a lesser amount than what was initially owed. Debt consolidation merges multiple outstanding debts into one larger loan, typically with lower interest rates.