be in the hole
to owe money

[TahlilGaran] Dictionary of Contemporary English ▲

in the hole
owing money.
We're in the hole – every year our revenues grow more slowly than our costs.

Usage notes: often used after an amount of money:
He's $500 in the hole after buying his car.

[TahlilGaran] English Idioms Dictionary ▲

in the hole
1. having a score lower than zero in a game
At the beginning of the game we were in the hole but later we began to do well.

2. to be in debt, to lose money, to owe money
Although he is always working he always seems to be in the hole.

I think that we are now in the hole and our business is having trouble.

[TahlilGaran] English Idioms Dictionary ▲

in the hole
adv. or adj. phr., informal
1a. Having a score lower than zero in a game, especially a card game; to a score below zero.
John went three points in the hole on the first hand of the card game.
1b. Behind an opponent; in difficulty in a sport or game.
We had their pitcher in the hole with the bases full and no one out.
Compare: ON THE SPOT.
2. In debt; behind financially.
John went in the hole with his hot dog stand.
It's a lot easier to get in the hole than to get out again.
Compare: IN A HOLE, IN THE RED.
Antonym: OUT OF THE HOLE.

[TahlilGaran] English Idioms Dictionary ▲