In my experience at any given time 1 European major is in a debt spiral, 1-2 are on high debt that they will get out off quickly (either by bankruptcy followed by recovery, or paying it off). If you are allied to those 2-3, it sucks, if you're allied to others, you will barely notice except if you want to start a war while they are already fighting.
In my experience lesser powers (e.g. German electors in my recent Austria game) will very very rarely have debt issues. Of course part of that may be the non-broke majors cushioning their debt issues by paying their loans.
Now, this is more than in 1.29, where finding an ally unwilling to join a war with 10 favours was exceedingly unlikely, but I feel it is a much better experience when AI majors can hiccup without being fully occupied repeatedly or annexed.