The term 'owed money' can be summed up in one word: DEBT. DEBT is an amount of money that is owed by one person or entity to another. It is usually a result of borrowing money, but it can also be the result of unpaid bills or other obligations. DEBT can be short-term or long-term, and it can be secured or unsecured. In some cases, DEBT can be forgiven or restructured, but in most cases, it must be paid back in full.