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 Montana, 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 for personal or household use. The Montana Consumer Protection Act provides guidelines and regulations to protect consumers from unfair or deceptive practices by creditors. For example, the Act requires clear disclosure of loan terms and prohibits certain types of harassment by debt collectors. Additionally, federal laws such as the Fair Debt Collection Practices Act (FDCPA) provide further protections against abusive debt collection practices. Montana has a statute of limitations on debt collection, which limits the time frame in which a creditor can take legal action to collect a debt. For written contracts, the statute of limitations is generally 8 years, while for oral contracts, it is 5 years. It's important for consumers to be aware of their rights and obligations regarding consumer debt, and to seek advice from an attorney if they face debt collection or other issues related to personal debts.