The mechanical properties of metal matrix fiber-reinforced composites depend on many aspects of their structure in a complicated way. In this paper, we propose a \emph{minimalistic} approach to study interface debonding, matrix cracking, and their competition in metal matrix fiber-reinforced elastoplastic composites by numerical simulation. This approach combines a cohesive zone model for interface debonding and a phase field model for matrix cracking. The features of this framework are: (1) crack nucleation, propagation, and branching can be easily tracked without the need of geometric programming; (2) the interface debonding is determined merely by the CZM, but not interfered by the phase field in the bulk; (3) the cohesive interface has zero thickness instead of being regularized; (4) any reasonable cohesive law of interest is readily incorporated with very few constraints; (5) elastoplasticity of the matrix is conveniently taken into account, as strains in the model are all well defined; (6) the competition of the two failure mechanisms, namely, matrix cracking and interface debonding, is accurately captured. Accuracy of this framework is verified with existing analytical and numerical results. The proposed framework shows a potential in investigating various complicated crack behaviors in composites.