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 Minnesota, consumer debt is regulated by both state statutes and federal law. 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. The Minnesota Attorney General's Office provides guidance and enforces regulations related to consumer debt. For example, the state has laws that govern debt collection practices, prohibiting debt collectors from using unfair or deceptive practices. The Fair Debt Collection Practices Act (FDCPA), a federal law, also provides protections against abusive debt collection practices. Additionally, Minnesota has specific statutes that regulate payday lending and protect consumers from high-interest rates and fees. The state's statute of limitations determines how long a creditor has to sue for an unpaid debt. For credit card debt and other consumer debts, this period is generally six years in Minnesota. Consumers facing issues with debt have rights under both state and federal law, and may seek the advice of an attorney for issues such as debt collection harassment, inaccuracies in credit reporting, or if they are considering options like debt settlement or bankruptcy.