Colonist keeping out of debt (7)

I believe the answer is:

settler

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'colonist' is the definition.
('settler' can be a synonym of 'colonist')

I can't explain the remainder of the clue.

(Other definitions for settler that I've seen before include "newcomer, perhaps" , "Early colonist" , "decisive blow" , "who pays his bills" , "Colonist, pioneer" .)

I've seen this clue in the Evening Standard.

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