The crossword solution for the term 'CANCEL, AS A DEBT' is 'FORGIVE'. To FORGIVE a debt means to waive or absolve it, meaning that the debtor no longer has to pay it back. This can be done voluntarily or through a legal process. In some cases, a creditor may FORGIVE a debt in exchange for a partial payment or other form of compensation. Forgiving a debt can be beneficial for both parties, as it can help the debtor to avoid bankruptcy and the creditor to avoid costly legal proceedings.