The debtor's interests in such changes are, of course, just the reverse of the creditor's interests.
Outstanding contract debts may be roughly divided into two classes: short-time loans, running less than a year; and long-time loans, running for a year or more.[9] Fluctuations are rarely rapid and great enough to affect appreciably the debtors and creditors in the case of short-time loans.

The results are appreciable in the case of loans running from one to five years, and may be very great in the case of loans made for still longer periods, such as the bonded indebtedness of nations, states, municipalities, and business corporations, and as mortgages given by farmers on their land or by owners of city real estate.

A multitude of interests are thus affected by a change in the value of money.

When money rises in purchasing power, receivers of fixed incomes are gainers.

When it falls in purchasing power, they lose.