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 Michigan, consumer debt is regulated by both state statutes 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 incurred for personal or household use. The Michigan Consumer Protection Act (MCPA) provides a framework for the protection of consumers in the state, including practices related to debt collection. Debt collectors must comply with the Fair Debt Collection Practices Act (FDCPA), a federal law that sets standards for the collection of consumer debts, prohibiting abusive, unfair, or deceptive practices. Michigan also has laws that govern the statute of limitations for debt collection, with different types of consumer debts having varying time limits within which a creditor can legally pursue payment. For example, the statute of limitations for credit card debt and auto loans is typically six years from the date of the last payment. Additionally, Michigan law provides for exemptions that protect certain assets from being seized by creditors in the event of unpaid debts. It's important for consumers to understand their rights and obligations under these laws, and they may seek the advice of an attorney for specific legal issues related to consumer debt.