Most of this debt is private debt. Is a high level of private debt really a "problem"? Most of it is corporate debt, and corporations mostly take debt when they invest, and that's normally a good thing because they build up infrastructure. (Well, there are people like Saylor too, who take debt to buy BTC. Is this "good" or "bad"?)

And again, it's important to see always the relation of debt to GDP. Because it's healthy that when GDP grows, corporations and governments invest more.

Debt to GDP ratio, if public and private debt is aggregated together, peaked in 2020 with 257% of the world GDP. In 2023, it had already returned to 237%. It's still high, but not record high. Probably in real terms it's even lower, due to 2022-23's inflation in many countries.

Source: IMF. Latest full report went only to 2023, and according to other sources global debt to GDP ratio increased slightly in 2024, but only by 1,5%. As I wrote before, probably mostly fueled by China.