debt-n; 3 Senses

Sense Number 1: the legal state of owing money

Commentary: DEBT[+event][+state][+legal][+owing][+money]
NOTE: usually in the phrases 'in debt' 'out of debt'

He went deeply in debt to buy that house.
It took George fifty years to get out of debt.
The corporation is heavily in debt and may file for bankruptcy.

WordNet 3.0 Sense Numbers: 1

Sense Number 2: amount of money owed

Commentary: DEBT[+quantity][+money][+owed]
NOTE: can occur in the plural (unlike Sense 1)

Their national debt has exceeded ten billion dollars.
She's managed to pay off her debts a little each month. (the amounts owed)
He lay awake at night thinking about his mounting debts to the mob.
They are proposing a new approach to pay off the Third World debt.

WordNet 3.0 Sense Numbers: 2

Sense Number 3: feeling of gratitude or thanks

Commentary: DEBT[+event][+state][+emotional][+gratitude]

We owe them a debt of thanks for their hard work on this event.
He felt a debt to his parents for all the sacrifices they had made for him.

WordNet 3.0 Sense Numbers: 3