Hard to say, for sure. At first, inflation may work to their advantage. As long as their note is not a variable rate, the payment will remain constant. The value of the asset will continue to rise (in raw dollar terms) and they could sell if for more than they owe. Prices move up, followed by wages in an inflationary cycle. So, if you have a $500 payment today and a year from now you still have a $500 payment, but your salary has increased 10% due to inflation, you will be better off with the asset....the problem is paying for fuel, food, etc. A little later, things could become dicey as unemployment will eventually follow as people stop buying new things. Much of the devil will be in the details. If you only have a year or so to pay, it would be a good thing. If you just bought something with a note and/or have a longer term or variable rate...things could get dicey. In any market condition, people can be in position to make money or lose money.