Here in the UK, interest rates have been pegged at 0.5% of 5 years now. This has allowed low cost mortgage repayments and some credit card debts to be cleared. See http://www.bbc.co.uk/news/business-27715042 .
At some point, interest rates will start to rise a a new generation will again start to fall into debt with higher repayment costs. The last few years have been exceptional.
It will, of course, help savers who have had a raw deal now for years with savings falling in real terms for most.
Debt costs generally will rise (costs to borrow money from other nations to live as we in the UK are accustomed) and this will be painful. Also, we face rising energy costs. The UK has been living beyond its means (spending more than we earn) for a long time now. This has to change.
Life will get tough for many in the coming years.
UPDATE 1730z: I see that the EU Central Bank has lowered interest rates in the Eurozone in an attempt to prevent deflation. The Euro crisis has not ended yet.