This is good and bad, mostly good. Very much so, in fact. The bad is that debt leads to bubbles (and bubbles lead to recessions). The good is that everyone’s confidence in the 1st world is increasing: the “rich” are increasingly confident to take on debt, and the banks are also confident that the rich aren’t gonna go under. So with improved sentiment, you can expect improved quality of life overall. (I’m excluding wealth disparity from this.)