Debt levels refer to the amount of debt that an individual, business or government owes. It is usually expressed as a percentage of GDP (Gross Domestic Product) and can provide insight into the financial health of the entity in question. High debt levels can be indicative of a high level of borrowing and may suggest that the entity is struggling to meet its obligations, while low debt levels could indicate that the entity has been managing its finances responsibly and has not taken on too much debt.