The extra income has cancelled out all his debts.

那笔额外收入把他所有的债务都抵消了。

youdao

Why should Uganda have all its debts cancelled but not Bangladesh, a poor country that has managed its debts more competently?

ECONOMIST: Should poor countries' debts all be written off?

"The UK has already cancelled all debts owed to it by Haiti and I strongly welcome today's G7 commitment to forgive Haiti's remaining multilateral debt, " he added.

BBC: G7 nations pledge debt relief for quake-hit Haiti

Bono sings the praises of Mr Brown because he has cancelled all the bilateral debts Britain is owed by the poor world.

ECONOMIST: Inviting China to dinner