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The phrase "in debt to" is correct and usable in written English.
It is used to describe the relationship between two parties when one owes the other a debt of some kind. For example, "I am in debt to my parents for helping me pay for college."
Exact(59)
The key lies in debt to income ratios of prospective borrowers.
And another: "Forever in debt to you".
"Who are we in debt to?
Deep in debt to the special interests".
"We are still in debt to pay for this house.
I will always be in debt to the Giants".
It is $36 billion in debt to foreign lenders.
"They are deep in debt to their credit cards.
Our most delightful companion these days is a woman who is in debt to Macy's.
The concessions also included a large payment and left Sweden heavily in debt to Lübeck.
The Gambler "Listen, I'm up to my eyes in debt to these sharks.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com