I don’t think this is good. In essence, everyone has confidence so they are spending via taking on more debt. This only makes it worse. Bill Bonner may have been on to something, just a bit early.
https://www.youtube.com/watch?v=VJEZh9PKr8s
Re people taking on more debt, you may find this story interesting. Its about a trend of people trading in cars that they still owe a lot of money on and then rolling the negative equity into a new loan.