Global Debts Keeps Piling Up

Debt is a tricky thing. If it's used productively (e.g. to finance purchase of cash generating equipment or an advanced degree that will land a high paying job) it can be growth accelerator. If it's used carelessly (e.g. to finance a vacation or to enable someone not to work) it can have disastrous consequences. In the last 15 years worldwide debt has more than doubled. Is it financing productivity? Or indulgence?