Public debt is a national debt that may be owed to foreign and domestic creditors. Throughout this paper, three views on public debt have been addressed. The first part of this paper deals with the current situation of public debt in the Republic of Croatia and shows its movement through history, that is, how it was inherited from the former state and how it subsequently moved. Also, the first part analyzes the structure of the public debt of the Republic of Croatia and the current credit rating. The second part of this paper deals with the problems that public debt carries with it. In this part, emphasis is placed on the sustainability of public debt and on the public debt management strategy, which is regularly updated by the Republic of Croatia. As an addition to this chapter, a review of borrowing in 2018 has been added as they can be read from the substance of the issue itself. The last part of the paper deals with perspectives arising from public debt. By mentioning the examples of successful and developed countries, it can be concluded that the amount of public debt itself is not a reflection of the state of the economy and its performance. The focus is on the immediate possibility of favorable borrowing as well as the reasons for potential borrowing, whether it be new investments or more favorable remediation of old debts.