What does the cryptic crossword clue "Long in debt, splashing out for dog (10)" mean?

The definition is "dog". The wordplay uses an anagram. anagram of LONG + IN + DEBT, = BEDLINGTON; definition: "dog" The answer is BEDLINGTON.

Long in debt, splashing out for dog (10)

Guardian Cryptic #29363 | 11 Across | 2024-04-22 flower