a small correction: having big debts during inflation is great because the net value of what you owe decreases rapidly. Especially if you have used that money to buy something with true value. like land or shares in food and energy.

That is why its original name was depreciation which is a far more precise wording of what is in fact happening. The reason why governments with huge debts like to drive on their inflation. It's an invisible way of massively taxing salary workers - because the smart rich own mainly inflation-proof assets. Look up who owns the most US bonds and you will see what is really happening.....

It's the other one you must be really worried about if you hold debt: deflation. Reading tip: Minsky and Fisher.