Global debt has hit another high, climbing to $247 trillion in the first  quarter of 2018, according to a report published Wednesday. Of that figure, the non-financial sector accounted for $186 trillion.. “Firms have used artificially low rates to borrow in the capital markets and only buy back stock in the equity market,” LaVorgna said. “The inherent instability of debt over equity financing suggests that the next downturn could hit investment spending unusually hard.”