The correct option is "1 only" because inflation erodes the real value of money, which benefits debtors as they can repay their loans with depreciated currency, effectively reducing their debt burden. In contrast, inflation harms bondholders since the fixed interest payments they receive lose purchasing power over time, diminishing the real value of their returns. This fundamental economic principle illustrates how inflation can redistribute wealth between borrowers and lenders, highlighting its broader implications for economic stability and investment behavior.