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consumer debt

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 Indiana, consumer debt is regulated by both state statutes and federal laws. Credit card debt, student loans, home mortgage loans, auto loans, payday loans, medical debts, and unpaid utility and telephone bills are all considered consumer debts when they are incurred for personal or household use. The Indiana Uniform Consumer Credit Code (IUCCC) provides guidelines and regulations for consumer credit, including maximum finance charges and the licensing of lenders. Payday loans, in particular, are subject to specific regulations that limit the amount of interest and fees that can be charged. The Fair Debt Collection Practices Act (FDCPA), a federal law, also protects consumers in Indiana from abusive debt collection practices by debt collectors. Additionally, the Indiana Attorney General's office provides resources and assistance to consumers dealing with debt and can take action against companies that violate consumer protection laws. It's important for consumers to understand their rights and obligations when it comes to managing and resolving consumer debt.

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Creditor / Debtor

consumer debt

Individual & Family Legal Plan

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Indiana State Code

Indiana State Code

Creditor / Debtor

consumer debt

Articles