In addition to this increase in the real cost of debt service, deflation would mean higher loan-to-value ratios for homeowners, leading to increased mortgage defaults, especially in the US. A lower price level would also increase the real value of business debt, weakening balance sheets and thus making it harder for companies to get additional credit.
除了债务实际成本的上升，通缩对房屋拥有者还意味着更高的贷款与房屋价值比率，会增加贷款拖欠现象，尤其是在美国。更低的价格水平还会增加商业债务的实际价值，削弱资产负债表，从而让公司更难获得额外的信贷。