As far as I am aware there isn't any real debt owed in Bitcoin.
People absolutely do loan each other bitcoin with high interest rate. Unless you meant something different for "real debt".
That is what I meant and like I said I wasn't aware of any. A quick Google search for "Bitcoin debt" mostly yields people expounding on the virtues of a "debt-free" currency. The existence of debt would complicate my example as popular opinion on monetary policy would differ. Debtors would prefer inflation while creditors and general currency holders would prefer deflation. Either way, I still don't think something like monetary policy should be left up to crowd sourcing.
As far as I am aware there isn't any real debt owed in Bitcoin. So everyone who uses it has some positive value of Bitcoin. That means each and every one of them would individually benefit from widespread deflation, but that would have a negative long term impact on the currency as a whole. I am not sure if I trust the public to make the right long term monetary policy decision over something in their own personal interests.