You know what the song says. “I owe. I owe. So off to work I go.”

Americans are racking up more debt in 2014. You might think financial analysts and planners would have concerns over that. But that isn’t necessarily the case.

According to the latest numbers the debt <rose to $129 billion in the first three months of this year. That's the third straight quarterly increase we've seen. Financial planner Bill Dendy says it might sound bad, but it really isn't.

“The good news is that debt defaults are falling. Even though people are taking on more debt, it seems to be debt that they can handle,” Dendy told KTRH news.

And for the most part, you told us it's not credit card debt.

“I’m not carrying any credit card debt,” one man told KTRH. “I have student loans and my house. That’s it. No credit cards. No cars. We paid cash for that.”

Another said, “I pay it off every month because of my wife. She cracks the whip when it comes to finances.”

Dendy says this is good news for the economy.

“Our economy needs the consumer to continue to buy the goodies we are producing. The taking on of debt is generally a sign that people have faith in the economy,” Dendy explained.

There is a downside to this. You're spending more, but you aren't saving more. In fact you're not not saving a thing. Not one penny. A new survey says you have an average of $668 left over every month after bills. But the median American savings is $0.