7 down
Being
so
placed
is
nothing
to
your
credit
(2,3,3)
Being so placed is nothing to your credit (2,3,3)
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The whole clue is the definition (& lit or double definition).
How the clue works
The whole clue works as a cryptic definition — Being so placed is nothing to your credit paints a picture of someone in debt. If you're IN THE RED, you've got nothing on the positive side of your account, nothing to your credit at all.