A general feature of most countries in the transition to the market economy has become the emergence and rapid growth of foreign debt. The social-economic disproportions, the lack of own resources both material and financial, outline the existing difficulties in overcoming the economic underdevelopment. On the other hand, internal disproportions generate not only a permanent need in external resources, but also to an imposing extent, influence the efficiency of their use in the national economy. As research methods, economic-financial analysis, statistical procedures, graphical method, comparative analysis, synthesis method, etc. were used. As a result, the concept of external debt was elucidated under its various aspects and indicators for measuring the degree of indebtedness, an analysis was made of the internal and external factors that conditioned the emergence and extension of the external debt crisis in the countries with the transition economy.