There are buffs and debuffs of many kinds in the game. They are listed at the top of the screen, but you can also manage them on one of the tabs of the inventory menu. Many of them are timered, so they'll come off after a while, but some of them are permanent, like fake or true titles. You can use 1 fake title at a time, but your true titles are in fact achievements and you can have multiple of them. Working toward these titles can get you very, very good permanent buffs.
Another special kind of buffage is being used in combat. These can be combat actions generated by the characters while fighting or combat only consumables (potions, food). These special ones last for a given number of combat rounds and cease to exist when combat ends or get debuffed. A few of these can be removed using an especially expensive special product. A good example of this is the so-called Afterdeath Trauma. Having this on you is not very helpful.
many areas feature the so called environmental effect. This means, as long as you are situated on that particular area, the buff is on you and your party members. Although there are beneficial ones, many of them are not so much. If you are a fervent crafter, you can fetch an item that helps you get rid of it. This could really come in handy in tough situations or in case of difficult skill checks, but you have to work hard to get them.