We object; you are, it’s said, with debts and extortionate (8)
I believe the answer is:
usurious
'extortionate' is the definition.
(I know that extortionate can be written as usurious)
'we object you are it's said with debts' is the wordplay.
'we object' becomes 'us' (object pronoun for 'we').
'you' becomes 'u' (homophones).
'it's said' shows a homophone (sound like).
'with' is a charade indicator (letters next to each other).
'debts' becomes 'IOUs' (promises to pay debts).
'are' is a homophone of 'r'.
'us'+'u'+'r'+'ious'='USURIOUS'
'and' acts as a link.
(Other definitions for usurious that I've seen before include "Charging outrageous interest" , "Lending at extortionate rates" , "Taking a healthy interest" , "Exorbitant, extortionate" , "attracting huge interest" .)