Stricken by dreadful rate debt (8)

I believe the answer is:

battered

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'stricken' is the definition.
Both the definition and answer are adjectives. Maybe there's an association between them I don't understand?

'dreadful rate debt' is the wordplay.
'dreadful' indicates anagramming the letters.
'rate'+'debt'='ratedebt'
'ratedebt' anagrammed gives 'BATTERED'.

'by' acts as a link.

Can you help me to learn more?

(Other definitions for battered that I've seen before include "Beaten-up, knocked about" , "Pummelled, pounded" , "Hit repeatedly" , "Like fritters" , "Beaten" .)

I've seen this clue in The Irish Independent.

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