What is consumer debt?

What is consumer debt? Consumer debt can take many different forms. It is typically understood to be any debt that has to do with the acquisitions of goods that are consumable. A car is a consumable good because they don't last forever. Typically a consumable good will depreciate in value over time. It is very common now for people to buy consumer goods with their credit cards. Any balance that is carried on a credit card is considered to be consumer debt.

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The Fair Debt Collection Practices Act, What Are My Rights If I Owe Money?

Let's face it, most consumers owe money and at some point, we miss a payment, get ourselves into a jam because we disagree with something we were billed for, or something catastrophic happens and our bills suffer. Even though you either legitimately or illegitimately owe money, you have rights. Knowing these rights could save you a lot of hassle, time and money.

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