Does high INFLATION help people get out of DEBT faster and easier?
Inflation certainly hurts anyone who has saved. As for high inflation… how high? If inflation is very high it also means wages are rising very quickly, this is hyperinflation and it doesn’t last long. Zimbabwe ended up with trillion dollar bills because of this. So if you had a 50,000 debt now, and hyperinflation hit, you’d probably be able to pay that debt off for the price of a loaf of bread in a few months. However, you’d probably have bigger problems like being unemployed and starving. When inflation isn’t that high it won’t help with your debt. The prices of things will be going up, and your wages are unlikely to match it (since the price of everything your business needs to run is going up too). You’ll end up spending more on the necessities and have less left over to pay your debt down.
