What debt conditions do these song lyrics refer to Saint Peter you call me I go owe my soul the company store?

The song lyrics mentioned refer to conditions known as debt peonage. Debt peonage occurs when a person's debt is used to secure their labor. In the context of the song, Saint Peter is being invoked as a representation of heaven calling. The phrase "owe my soul to the company store" indicates that the person singing is deep in debt and feels trapped by their obligations.