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 South Dakota, 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 South Dakota Codified Laws (SDCL) provide specific regulations on debt collection practices, interest rates, and lending practices. For example, payday lending is regulated under SDCL 54-4, which sets limits on interest rates and fees that lenders can charge. The state also follows the federal Fair Debt Collection Practices Act (FDCPA), which protects consumers from abusive debt collection practices. Additionally, the federal Truth in Lending Act (TILA) requires lenders to disclose terms and costs of loans, which applies to consumer debts like credit cards and auto loans. Mortgage lending is also subject to federal laws such as the Real Estate Settlement Procedures Act (RESPA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act, which provide further consumer protections. It's important for consumers in South Dakota to understand their rights and obligations under these laws when dealing with consumer debt.