Very in debt, cutting back endlessly in camp (7)
I believe the answer is:
bivouac
'camp' is the definition.
(I know that camp can be written as bivouac)
'very in debt cutting back endlessly' is the wordplay.
'very' becomes 'v' (abbreviation).
'in' indicates putting letters inside.
'debt' becomes 'i o u' (I owe you, a promise to pay a debt).
'cutting' indicates putting letters inside (some letters cut their way into a word).
'endlessly' means to remove the last letter.
'v' going into 'iou' is 'ivou'.
'back' with its final letter taken away is 'bac'.
'ivou' inserted within 'bac' is 'BIVOUAC'.
'in' acts as a link.
(Other definitions for bivouac that I've seen before include "Makeshift camp" , "Temporary camp without tents or cover" , "Encamp" , "Temporary and basic encampment" , "A temporary army camp" .)