Crossword Genius

Controversially happy with debt? Cunning! (13)

Ross

I believe the answer is:

contentiously

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'controversially happy with debt? cunning' is the definition.
I can't tell whether this definition defines the answer.

'controversially happy with debt? cunning' is the wordplay.
'controversially happy' becomes 'content' (associated in meaning. I am not sure about the 'controversially' bit.).
'with' means one lot of letters go next to another.
'debt?' becomes 'iou' (I owe you, a promise to pay a debt).
'cunning' becomes 'sly' (synonyms).
'content'+'iou'+'sly'='CONTENTIOUSLY'

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I've seen this clue in the Sydney Morning Herald.
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