Also, consumers are no longer saving less and borrowing more on credit card, home equity and other loans to bridge the gap between income and desired spending growth.

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The NINA was designed as a sort of bridge loan, said Vice Chairman John Hart, for borrowers who have a bad credit rating but need money until they can repair it and get a lower-cost loan from somebody else.

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This bridge-building role continued after he returned to South Africa, and he can take much of the credit for reassuring South African and international business interests, and foreign governments, that a post-apartheid South Africa would be a safe place for their money.

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