Leaning against the wind"-a tighter monetary policy than necessary for stabilizing in-‡ation around the in ‡ation target and unemployment around a long-run sustainable ratehas been justi…ed as a way of reducing household indebtedness. In a recent paper Lars Svensson claims that this policy is counterproductive, since a higher policy rate actually leads to an increase (and not a decrease) in real debt and the debt-to-GDP ratio. In this note we o¤er some comments and extensions to Svensson's analysis. In particular, we take Svensson's debt model to the data and show that it provides an incomplete account of short term debt dynamics. Further, the overall analysis of the e¤ects of monetary policy on debt rests on the rather strong assumption that debt is independent of the policy rate, conditional on housing prices. The policy responses advocated by Svensson can therefore be questioned. More importantly, our exercises with a modi…ed model of debt dynamics enables further understanding of how di¤erent assumptions a¤ect the assessment of the e¤ects of monetary policy on debt.