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