Debt rate might be beaten (8)
I believe the answer is:
battered
'beaten' is the definition.
(battering is a kind of beating)
'debt rate might be' is the wordplay.
'might be' indicates an anagram.
'debt'+'rate'='debtrate'
'debtrate' is an anagram of 'BATTERED'.
(Other definitions for battered that I've seen before include "Ill-treated (as cod might be?)" , "Pummelled, pounded" , "Hit repeatedly" , "Damaged by repeated blows" , "Buffeted" .)