If you borrow money from another person, you will "owe" money to that person until the debt is repaid. If you use a credit card or get a loan from a bank, you "owe" money to those businesses. You can also use the verb "owe" when someone does you a favor which you would like to return in the future:
Thanks for helping me. I owe you one. (I will do a favor for you in the future.)
We owe a debt of gratitude to the police department for solving a problem in our community.
Wally owes his credit card company $3000 this month.
How much do you owe on your house?
Bill owes another $80,000 on his house and then it’s his, free and clear.
Maria owes her friend $5. She borrowed the money yesterday. (What does the word "borrow" mean?)
Jeremy owed his roommate $100, but he never paid him back.
What do I owe you?
You owe me big time! (This is an expression used when someone does a very big favor for another person and then states what is obviously true.)
He owes money for something that he bought online.