According to Dr Sharib:

'Al-Khafid is the One Who degrades a person and lowers his status and

'To emulate the Name you should wipe out falsehood and embrace the
truth and denounce those opposed to truth.'

He says that (appropriate) recitation is conducive to solving problems,
the removal of difficulties, and the achievement of your objective. It can
ensure victory over your enemies.

see 'The 99 Most Beautiful Names of Allah' by Dr Zahurul Hassan Sharib

Some other references:

These verses refer to the people of iniquity whose towns Allah destroyed.

Al-Ghazali refers to this name in conjunction with Al-Rafi (the Exalter).
Those who God abases are those He treats as enemies, who are
removed far from Him. These are those who have regard only for the
tangible and imagined things and whose passions are those shared
with the beasts.

(Al-Ghazali - The Ninety-nine Beautiful Names of God. Trans. Burrel/Daher: ITS: 1992.)

It is occasionally disturbing to some who prefer think of God as Loving
and Merciful, to think that some of His qualities relate to punishing and
abasing, which initially and superficially seem contradictory. Yet these
qualities too are a reflection of His Love.

If we warn a child whom we love of the dangers of not controlling or
curbing their behaviour we make that warning from love, and if the child
does not heed we provide deterrent punishment in order to assist that
child to understand by a small taste the possible consequences of their
actions. If we truly have the child's best interest at heart it is an
expression of our love.

The fact of the matter is that actions have consequences. If we put our
hand in the fire it burns. This is not vindictiveness on the part of the fire, it
is one of the qualities of fire that rightly used, as in cooking, are of
immense value. God's great mercy lies partly in warning of the nature of
his creation and the consequences of our behaviour.

This is part of our humanity. The pure angels have no choice but to
praise and worship God. It is their nature. Our human nature is mixed
and in need of purification requiring both our sustained effort and Grace.
Our deceptive lower nature needs to be left in no doubt this is not an idle
game, and we should understand that God is providing for our needs in
this, not merely abasing for some idle sport.

Bismillah ir Rehman ir Rahim
The Abaser
The One Who Abases the Unbeliever
a derived name
They said: "Ah! woe to us!
We were indeed wrong-doers!"

And that cry of theirs
Ceased not, till We made
Them as a field
That is mown, as ashes
Silent and quenched

Not for (idle) sport did We
Create the heavens and the
And all that is in between!
Qaaluu yaa-waylanaaa 'innaa
kunnaa zalimiin!

Famaa zaalat-tilka da'-waahum
hattaa ja-'alnaahum hasiidan

Wa maa khalaqnas-samaaa-'a
wal-'arza wa maa baynahumaa

Qur'an 21:14-16