Only if the debt is not pegged to inflation
In Chile at least, you can get a loan in “UF”, which is an inflation-adjusted equivalent of the underlying currency. The value of UF changes with inflation (almost always going up). So the loan will just keep getting more expensive
Most mortgages there are in UF
??
On this recent Reddit post in /r/Chile someone asks “does anyone know if there is a bank which offers mortgages in pesos instead of UF?”
The answers all pretty much say they don’t even exist, or if the poster finds one to please let them know
https://www.reddit.com/r/chile/comments/1ep21lq/hipotecario_...
It looks like Chileans have never seen a mortgage _not_ in UF
Source: Live in Chile, have mortgage in Chile in pesos.