Permitting everyone to be in debt (8)
I believe the answer is:
allowing
'permitting' is the definition.
('allow' can be a synonym of 'permit')
'everyone to be in debt' is the wordplay.
'everyone' becomes 'all' (all people).
'to be in debt' becomes 'owing' (I've seen this before).
'all'+'owing'='ALLOWING'
(Other definitions for allowing that I've seen before include "Granting, permitting" , "Permitting or conceding" , "not stopping" , "Admitting" , "Giving permission" .)