The phrase "a wave of debt" is correct and usable in written English.
It can be used to describe a sudden increase or surge in debt levels, often in a financial or economic context.
Example: "The country is facing a wave of debt that could lead to a financial crisis if not addressed promptly."
Alternatives: "a surge of debt" or "a flood of debt".
By the late 1980s private equity had grown big enough to be noticed by the general public, but it made hostile headlines with a wave of debt-financed "leveraged buy-outs" (LBOs) of big, well-known firms.
In the event of another financial crisis, something that seems all too likely, there would be a wave of sovereign debt defaults.
European policymakers understand full well that a wave of sovereign debt defaults in Europe's periphery would more than likely precipitate a full-blown European banking crisis, since European banks are the main holders of the $2 trillion in the periphery's sovereign debt.
In the past year, with a slowing Chinese economy coming under increased scrutiny, so-called local government financing vehicles — schemes like the one to finance the sports center — have become a source of concern, as banks and analysts worry about a wave of bad debts.
The booms that preceded the crisis were fuelled by a wave of bank-debt-financed speculation on some useful products (the telecommunications infrastructure of the internet, the DotCom firms that survived the DotCom bubble) and much rubbish (the Liar Loans that are the focus of The Big Short).
For about a generation, the U.S. surfed on a growing wave of debt.
For months, he has been delivering PowerPoint presentations on the plan, explaining the urgency of cutting trillions from the budget in hopes of escaping, as he explains it, "a tidal wave of debt".
These figures will be a cold shower for Kenny and his team, because they underline how real the prospect of a second wave of debt default is, something economist Morgan Kelly predicted last year when he suggested 19th century-style social revolt from the middle-classes.
The last of the large bankruptcies having been settled, a new wave of debt issuance began in 2003 allowing companies from shaky industries such as automakers, real estate, energy and even airlines to issue high volumes of public debt either to refinance existing obligations or in the form of "rescue financings".
After an unprecedented wave of debt relief, it would be a shame to drown in debt again.
