I'm not quite sure you understand the corporate capital structure. Many companies issue bonds (aka debt) to raise money. Each bond pays a coupon and the goal is for said company to use the proceeds to earn more than the coupon.
For finance companies like GECC, they make tons of loans that pay an interest rate. Money is made if the interest rate is higher than their cost of funds (from the issuance of bonds). Of course there are more variables like defaults, etc.
The most important thing, especially in these days, is a companies ability to refinance debt. GE has 100% access to raise funds in part due to the FDIC-guarantee. They were also able to issue a $4bn 30-yr bond in Jan without govt guarantee at a coupon of 6.875% which most companies would drool over. This is much different for a company like Ford who hasn't been able to access the debt markets since late '07.
In conclusion, I'm not worried at all about GE's amount of debt.