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.
He owes money for something that he bought online.