World is not enough in debt.
In order to economy Grow the debt is needed more debt we still have people whos debt free If more people get in debt then more economical activity so those in debt will work with 2 jobs not with just one Job.
We moving towards that more and more people will have debt burden on them car leases insurances mortgages and much more things.
UK payd off debt just few years ago and now they struggle.
More debt will make everybody working harder no debt makes society more lazy.
There is a big difference, do you mean public debt by the government or private debt owned by each household? First of all, not everybody can be in debt, some has to own all the money lend out. In case we are looking at governments only, than corporations or individuals can own all the debt a country issues. Just look at Japan for example where a large part of the population is happily buying the government bonds, even if they are not paying a lot of interest. And as long as the countries run deficits of 2-5% per year there is no way for debt levels to be reduced anytime soon. Politicians love to spend money that they don't own and are not going to change. On a personal level I would try to avoid debt as much as possible, it's a downward spiral and won't help us in the long run.