Long in debt, splashing out for dog (10)

I believe the answer is:

bedlington

I'm a little stuck... Click here to teach me more about this clue!

'for dog' is the definition.
(I've seen this before)

'long in debt splashing' is the wordplay.
'long in debt' can be anagrammed to 'BEDLINGTON'.
However, I'm not clear how this is indicated.

'out' acts as a link.

Can you help me to learn more?

(Other definitions for bedlington that I've seen before include "Terrier (from Northumberland?)" , "Type of terrier" , "[DOG]" .)

I've seen this clue in The Guardian.

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