Crossword Genius

One in recession, ie bachelor, ruined with debt (3-4)

Ross

I believe the answer is:

ebb-tide

'one in recession' is the definition.
(receding tide)

'ie bachelor ruined with debt' is the wordplay.
'bachelor' becomes 'B' (abbreviation e.g. BA=Bachelor of Arts).
'ruined with' is an anagram indicator.
'ie'+'b'='ieb'
'ieb' mixed up with 'debt' can make 'EBB-TIDE'.

I've seen this clue in The Times.
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