This article examines the causes and implications of the international debt crisis. It begins by first defining the debt crisis and offers some basic explanations for the crisis. The analysis examines the costs of the debt crisis and develops some basic explanations for the crisis. It explores the same conditions in both the North and South countries. Also, the article addresses the role of international financial institutions, and pays some close attention to the problems of international financial establishments in the 1980s. Finally, it reviews some general solutions to the debt crisis and provides some tentative suggestions for future considerations.