"Deleveraging is effectively reducing debt. In the last couple of years, the global economy has been driven by cheap and easy debt handed out by global financial institutions with careless lending practices (as seen by the sub-prime crisis). The result has been too much debt, not just at the corporate level but at the household level as well. Now that credit is more difficult to come by, corporations and households are being forced to focus on reducing debt." - AustChoice Super, 'Investor News', summer 2009.