Public debt sustainability depends on the interplay between economic growth, interest rates, and fiscal policy. When nominal GDP growth exceeds the effective interest rate on debt, the debt-to-GDP ratio can stabilize even without primary surpluses. When interest rates rise faster than growth, debt dynamics become explosive. Governments face a trilemma: tighten fiscal policy, accept higher debt service costs, or rely on financial repression. Fiscal consolidation through spending cuts disproportionately affects vulnerable populations, while tax increases may dampen investment. Monetary financing risks inflation, eroding real debt burdens but undermining central bank credibility. Historical evidence suggests high debt levels are not inherently destabilizing—context matters, including debt composition, maturity structure, and institutional quality. Persistent deficits amid rising rates and slowing growth present genuine risks. Policymakers must balance short-term stabilization with long-term fiscal credibility. Transparent fiscal rules, independent oversight, and growth-enhancing reforms can extend fiscal space without abrupt austerity. The challenge is not merely reducing debt, but ensuring it remains serviceable across economic cycles while preserving capacity to respond to future shocks.