A debt relief act is a law that provides relief to debtors who are struggling to repay their debts. This relief can take many forms, such as reducing the amount of debt owed, extending the repayment period, or providing interest-free loans. Debt relief acts are typically enacted in response to economic crises, such as the Great Depression or the 2008 financial crisis.
Debt relief acts can have a number of benefits. They can help to prevent bankruptcies, reduce foreclosures, and stimulate economic growth. They can also provide much-needed relief to individuals and families who are struggling to make ends meet.