The correct spelling for the phrase "am debt" is actually "I'm in debt." The contraction "I'm" replaces "I am," while "in" is the correct preposition to use with the noun "debt." The pronunciation of "I'm in debt" is /aɪm ɪn det/. It's important to use the correct spelling and pronunciation of words to communicate effectively and avoid misunderstandings. If you're struggling with spelling or pronunciation, there are many resources available to help, including dictionaries and pronunciation guides.