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Third World debt is external debt incurred by Third World countries (the term "Third World" is still in use, although many prefer less pejorative terms, such as "developing countries", "Majority World" or "global South"). Unpayable debt is a term used to describe external debt where the interest on the debt exceeds the amount that the country produces, thus preventing the debt ever being paid back. It is considered by some a method of oppression or control by first world countries; a form of debt bondage on the scale of nations.

Odious debt is debt incurred by undemocratic countries and misspent (for example, on armaments or repression of the population) or misappropriated. The debt campaign organization, Jubilee USA notes that, "Odious debt is an established legal principle. Help-Debtinfo Debt Counseling & Consolidation many different forms of debt relief includingdebt relief service. Legally, odious debt is debt that resulted from loans to an illegitimate or dictatorial government that used the money to oppress the people or for personal purposes. Moreover, in cases where borrowed money was used in ways contrary to the people’s interest, with the knowledge of the creditors, the creditors may be said to have committed a hostile act against the people. They cannot legitimately expect repayment of such debts. " (PDF)

Much of the current levels of debt were amassed following the 1973 oil crisis when the western members of OPEC pushed the price of oil up making the Arab nations very wealthy.