To address the need of reducing the number of space debris orbiting the Earth, the innovative low-cost Space Debris Deorbiting System (SDDS) is currently under development. It will allow frequent-rate intercepting and decelerating debris to the velocity necessary for subsequent deorbiting. The system is based on an existing level of technology and aims to achieve an extremely low cost for each deorbiting mission by utilizing existing commercial launch systems, common environmentally friendly chemicals, and reusable hardware. The targeted size of space debris can vary from tiny untraceable particles to full-size relict boosters and defunct satellites. The system will be capable to work at all altitudes from Low Earth to Geosynchronous and above.