I'm guessing this song is about a guy who always abuses his girlfriend, and "pulls her down", i.e. lowers her self esteem, while she tries to "hold him up", or help him build his ego, and seeing as a ne'er-do-well is a worthless person, she is probably trying to break up with him but is afraid too. the anchor part could also mean that the guy gets drunk, ad the girlfriend has to hold him up and support him and he pulls down the girlfriend and rapes her. just my interpretation
I'm guessing this song is about a guy who always abuses his girlfriend, and "pulls her down", i.e. lowers her self esteem, while she tries to "hold him up", or help him build his ego, and seeing as a ne'er-do-well is a worthless person, she is probably trying to break up with him but is afraid too. the anchor part could also mean that the guy gets drunk, ad the girlfriend has to hold him up and support him and he pulls down the girlfriend and rapes her. just my interpretation