Owe nothing? Most of us wish that was true of us. But all too many people are caught up in the materialistic spirit - "Don't have it? - Must get it!" And all too often we get more than we need, especially the debts that come along with the stuff. As an old saying goes, "We buy stuff we really don't need, with money we really don't have, to impress people we really don't like!" And then we complain to God that He's not meeting our "need!"
On the other hand, Jesus paid a price only He could pay, to redeem a people only He could love, to provide them with a salvation only He could offer.
What do we owe Him in response? Our love! It is our constant "debt" to the Lord who loved us and to the people of the world that He came to save. We are to love each person we meet with the love of Christ. This fulfills our obligation to the Law of Christ and allows us the opportunity to represent the Lord Jesus to others.