Debtor's not raging about one wiping bill (4,3)

I believe the answer is:

snot rag

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'one wiping bill' is the definition.
I know nothing about this answer so I can't tell whether it can be defined by this definition.

'debtor's not raging about' is the wordplay.
'about' indicates a hidden word (the clue goes around or about the answer).
'SNOT-RAG' is hidden within 'debtors not raging'.

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