Consumer debt consists of personal debts for goods purchased for personal or household consumption—as opposed to debts incurred for the operation of a business. Common examples of consumer debt include (1) credit card debt; (2) student loans; (3) home mortgage loans; (4) car or auto loans; (5) payday loans; (6) medical debts; and (7) unpaid utility and telephone bills.

In Arkansas, consumer debt is regulated by both state and federal laws. Credit card debt, student loans, home mortgages, auto loans, payday loans, medical debts, and unpaid utility and telephone bills are all considered consumer debts when they are for personal or household use. Arkansas has specific statutes that govern the collection of these debts, such as the Arkansas Fair Debt Collection Practices Act, which mirrors the federal Fair Debt Collection Practices Act (FDCPA) and provides guidelines on how debt collectors must conduct themselves. For example, collectors are prohibited from using deceptive, abusive, or unfair practices. Payday lending, in particular, is subject to strict regulations in Arkansas; the state constitution caps interest rates on consumer loans to 17% APR, effectively making high-interest payday loans illegal. Mortgage and auto loan regulations are also in place to protect consumers from predatory lending practices. Additionally, consumers have rights under the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA) at the federal level, which provide disclosures of loan terms and prohibit discrimination in lending, respectively. It's important for consumers in Arkansas to understand their rights and obligations under these laws, and they may seek the advice of an attorney if they face issues with consumer debt.