The situation in the Russian financial market as a whole and in the debt market in particular is not stable that is caused by the decrease of the Russian economic condition. Subjects of the Russian Federation experience more and more difficulties in solving issues of new borrowings under the conditions of deficit and limited federal funds. However, a significant increase in the state debt of subject of the Russian Federation (for reference only, the 92% increase for the period of 2012-2014) is caused by some factors such as performance of the “May decrees” of the Russian President and the low quality of debt management. The article analyses the current situation in the debt market of RF subjects and gives suggestions for improvement of the regional debt situation.