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 Oklahoma, 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 incurred for personal or household use. Oklahoma follows the Fair Debt Collection Practices Act (FDCPA), a federal law that protects consumers from abusive debt collection practices. The state also has laws that govern the terms and conditions of credit transactions, including the Oklahoma Consumer Credit Code. This code sets out the rights and responsibilities of both lenders and borrowers, including interest rate caps and disclosure requirements. Additionally, Oklahoma has specific statutes that regulate payday loans, often referred to as deferred deposit loans, including limits on fees and the number of loans that can be taken out consecutively. For home mortgages, the state adheres to federal regulations such as the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), which provide disclosures to consumers and prohibit certain unfair practices. Consumers facing issues with debt in Oklahoma may seek the advice of an attorney to understand their rights and obligations under the law, and to explore options such as debt negotiation, consolidation, or bankruptcy.