The debt crisis and loan defaults have been a constant feature of the global economy, the present size of the world debt problem overwhelms the imagination.

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A strange phenomenon is taking place – credit card companies are willing to really negotiate on how much you repay of your overdue debt .

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It does nothing to improve NZ’s foreign debt problem. This is one area highlighted by the OECD report and it is nonsense. In 1984, when Rogernomics started, NZ’s gross total private and public foreign debt was $16 billion.

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