In the present work, we predict contribution of a partially debonded circular inhomogeneity into the material overall elastic compliance. Debonding at the matrix/inclusion boundary is modeled as interfacial arc cracks. The change in the elastic compliance caused by interface cracking is estimated through the accompanying energy change that is related to the mode I and mode II stress intensity factors at the crack tips. The sum of the crack compliance and the inhomogeneity compliance (with perfect bonding) gives the total compliance of the debonded inhomogeneity. The latter is obtained in terms of the material properties and crack length. Additional analysis shows that the replacement of an interface crack with a crack in a homogenized medium is an inadequate approach when seeking approximate solutions. The paper also provides guidelines how to determine properties of a fictitious perfectly bonded orthotropic inhomogeneity that has the same contribution into the material compliance as the debonded isotropic one. This problem is of practical importance when modeling damage accumulation in composite materials by means of homogenization schemes.