The aim of this article is not to investigate the Third World debt crisis in detail. Rather, it is to determine the work that has been done so far to provide an ethical perspective to or critique of the crisis and to make a personal assessment of this crisis. To achieve this goal, only some of those aspects of the debt crisis are highlighted which appear to be of ethical significance. Thousands of books have been written on the debt issue in general and the debt crisis itself, in particular. However, the amount of work that has been done to address the issue specifically from an ethical or theological perspective is quite negligible. It is hoped that this paper will make a small contribution to filling some of this gap.