Respected and admired husband everyone was in debt to (8)

I believe the answer is:

hallowed

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

'admired husband everyone was in debt to' is the wordplay.
'admired husband' becomes 'h' (abbreviation. I am not sure about the 'admired' bit.).
'everyone' becomes 'all' (all people).
'was in debt to' becomes 'owed' (I've seen this in another clue).
'h'+'all'+'owed'='HALLOWED'

'and' is the link.

Can you help me to learn more?

(Other definitions for hallowed that I've seen before include "Honoured as holy, having lewd halo" , "Respected" , "Sanctified" , "Consecrated, holy" , "Holy, sacred" .)

I've seen this clue in The Telegraph.

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