When it comes to debt, its management is what matters and not the amount involved. Virtually every country has debt and although the US has the chunk on the total world debt it still does not mean there is trouble hanging somewhere so far all the creditors are not calling for it at the same time. When one even take a look at it, the debt itself might not exist aside the ones owed to external parties and lending organization, some of the debts are just provisions, while the others are to put a figure to it. Most of the debts is the cumulation of individual debts from mortgages, credit cards, insurance, health benefits, car loans etc which are owed to corporations. This corporations would be able to defer the tax they are to pay till when they receive these payment depending on what the tax law specifies. Put all these together, you realise technically majority of the debt don't exist and if its continued to be managed, there is no cause for alarm.