First, let me say that I'm not an economist & I have no idea if this is already being utilized, but it's an idea I would like to be out there if it isn't already.
Say there's a group of friends that sometime loan each other money and debts arise. Sally ends up owing $5 to Jim, Jim owes $5 to Bob, and Bob owes $5 to Sally. None of them can pay the debt they owe.
An outside party, Carl, notices something. He gathers all three friends, and shows them that if they each agree to cancel the debt owed to them, their own debt is paid.
Sally pays Jim with the $5 she received from Bob, which he received from Jim. Call it a 'Triad Cancellation.'
Create a bureau to engage in research and drafting treaties between nations and companies to the effect of creating these scenarios to reduce our debt