The problem is figuring out who is who.
The same folks who may be in debt may also be waiting to collect on debt.
And thats just the begining.
Inflation also does wind up destroying jobs eventually and causing prices to rise.
Fear of inflation is such that alot of folks do lean towards having unemployment then inflation (one of the drawbacks of believing in keynesian economics).
Give voters a choice of getting out of debt but not being able to afford food, they'll choose to be hawks on inflation.
If the choice were that clear. Food is so cheap now that the idea of not being able to afford it will be pretty alien to most people. The biggest expense that most people have is real estate related -- rent or mortgage -- and thus often also related to debt.
And please note that I'm not saying that this will be a good thing or a fair thing. I simply think that, at some point, society will bail out debtors at the expense of creditors simply because there are more of the former than the latter.