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 Mississippi, 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. Mississippi law provides certain protections for consumers, such as the Mississippi Consumer Protection Act, which prohibits deceptive trade practices and may apply to some aspects of consumer debt collection. Additionally, the state follows the federal Fair Debt Collection Practices Act (FDCPA), which sets standards for the treatment of consumers by debt collectors and prohibits abusive, unfair, or deceptive practices. Mississippi has a statute of limitations on debt collection, which limits the time frame within which a creditor can legally sue a consumer to collect a debt. For open-ended accounts like credit card debt, the statute of limitations is typically three years, while for written contracts, such as auto loans or mortgages, it is generally six years. It's important for consumers to be aware of their rights and obligations regarding consumer debt and to seek the advice of an attorney if they face debt collection issues or need legal assistance.