The correct spelling of the phrase "were debt" is "we're dead." In IPA phonetic transcription, it would be written as /wɪər dɛd/. This phrase means "we are dead" and is often used figuratively to express a feeling of hopelessness or defeat. It is important to use correct spelling in written communication to avoid confusion and ensure clarity. By using "we're dead" instead of "were debt," the intended meaning is clear and easily understood by the reader.