Southeast Asia's climbing household debt may have a silver lining: policy makers won't need to tighten policy much to deal with rising inflation, ANZ said.
"Monetary policy tightening cycles are likely to be modest," Weiwen Ng, an economist at ANZ, said in a note last week, despite the bank's forecast for rising inflation across Southeast Asia. ANZ expects inflation in Indonesia will rise to 7.3 percent in 2015 from 6.4 percent this year, while Thailand's inflation is expected to accelerate to 2.9 percent next year from 2.4 percent this year.
Read More Why higher rates won't hurt Asia markets
"Any given increment of rate hike will lead to a correspondingly larger decrease in disposable income given the higher interest rate debt servicing burden," he said, noting that mortgages, which generally have floating rates, comprise a large portion of household debt in the region.