it is more likely to owe a big favor.
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MadhulkSo to put someone in your debt means to make him owe you, right?
Yes, but we don't usually express it that way. "I owe you one for that, my friend" or "I am in your debt"; the reverse would be "you owe me, buddy," but I wouldn't say "you are in my debt". Don't ask me why.