"real" in this context means inflation adjusted. Inflation decreases the value of money, but also the size of debts. Inflation is currently shrinking debts fast

"real" in this context means inflation adjusted. Inflation decreases the value of money, but also the size of debts. Inflation is currently shrinking debts faster than the interest payments build it up. But it depends on what interest rate you have, high risk - high rate debt does not work like this.