The purpose of this study was twofold: 1) to translate the Revised and Short version of the Indebtedness Scale (ISR-S) into the Turkish language and to assess its psychometric properties, and 2) to use this scale to explore the relationship of indebtedness with gratitude, happiness, and life satisfaction in Turkish culture. Four data sets covering a total of 883 Turkish university students were used. Construct validity of the Turkish ISR-S was assessed by using confirmatory factor and multigroup invariance analyses, and Pearson correlation test between the measure of negative affect and the ISR-S. To examine the reliability of the scale, Cronbach's coefficient alpha was used as an indicator of internal consistency, and also test-retest reliability computed over a period of four weeks. The results indicated that there is psychometric evidence for the unidimensional 9-item structure of the ISR-S in Turkish undergraduate students. Indebtedness was not found to be significantly correlated with gratitude, happiness and life satisfaction.