"above water"不是“在水上面”，而是“摆脱困境”、“摆脱麻烦”、“摆脱债务”。

【例句】
We are keeping our head above water, but our cash flow position is not too good.
我们正努力摆脱困境，但我们的现金流动情况不太好。

With high interest rates and a wage freeze, many householders are only just managing to keep their heads above water.
由于实行高利率和工资冻结措施，许多户主只能是使自己免于负债。