One of the goals of maintaining a zero interest rate environment is to encourage consumers and companies to take actions like this. The Fed is trying to push the economy to re-lever. So far, it has had mixed success in this pursuit, although borrowing has begun to pick back up in 2012.
As far as corporate debt securities go, 2012 could be a strong year. US companies are on pace to issue $1.3T in new debt into securities markets (through October). This would be a new all time high and is already more than was sold in all of 2011. As a percentage of corporate bonds outstanding though, that number is still lower than in the late 90s--only 16% vs over 25% back then. It's almost double what was issued in 2008 when credit markets froze though.