In plain words
The second is the debt to the ṛṣis. The ancient ṛṣis taught many sādhanas, Dharmas and moral precepts so that man might cross over, in this world and the next. Only when man walks the path the ṛṣis laid down, to the letter, does he become one who has repaid the debt to the ṛṣis.
The third is the debt to the parents. Your mother and father bear many hardships and losses, bring you up and raise you, teach you learning and good sense, and help your progress in many ways. Your mother is herself your first guru. That is why the Veda taught, “Mātṛdevo bhava, pitṛdevobhava.” To repay the debt to the parents, you must find the way by which you are not born again in a mother's womb.
When you were born from your mother's womb, no necklaces at all were to be seen; no strings of good pearls, not even one for a sample; no chain of fine gold about the neck; no strands of gems to gleam there; no emeralds, no rubies set in; no strands of diamonds to shine there; no hessonites to keep them company. There is, there is one garland on your neck: all that you have done, every deed reckoned over and over, good or bad, with not one broken off, Brahmā gives it you and sends you forth, a heavy garland, the necklace strung of all your karmas.
One who is born wearing such a necklace should not wish to be born again. Man is born to repay the debt to God, the debt to the ṛṣis and the debt to the parents, not to build up wealth, gold, goods, vehicles and the like, enjoy worldly pleasures and waste his life.