Answer
If the inflation is less than expected, the creditors would be benefited.
Work Step by Step
The interest rate is agreed and fixed between the creditor and the debtor at the time of obtaining credit by assuming an average expected inflation rate. If the inflation turns out to be less than expected, the debtor would have to pay more real interest rate than anticipated. This is because
Real interest rate = Nominal Interest rate (Rate agreed at the time of obtaining credit) - Inflation Rate.
A less than expected inflation would increase the real interest rate and thus increases the real interest income received by the creditor.
