The photographer has acknowledged a/his 'debt' to Andy Warhol. [=the photographer has said that his work was influenced by the photographs made by Andy Warhol]
banks with millions of dollars of 'bad debt' [=banks that have loaned millions of dollars that will not be repaid]
She's finally paid off her mortgage 'debt'. [=the money that she owed the bank to pay for her house]
(..) LORRAINE: You wouldn't. BIFF: Wouldn't I? First your daughter Linda. I'll cancel all her credit cards. BIFF: She'll settle her debts with the bank herself. I'll have your idiot son Dave's probation revoked. And as for Marty... ...maybe you'd like to have all of your kids behind bars... (..)1989 Back to the Future Part II