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 Tennessee, 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. Tennessee follows the federal Fair Debt Collection Practices Act (FDCPA), which sets standards for the collection of these types of debts, prohibiting abusive, unfair, or deceptive practices by collectors. The state also has its own laws that govern the statute of limitations for debt collection, with the time frame varying depending on the type of debt; for example, the statute of limitations for credit card debt is generally six years. Additionally, Tennessee has specific regulations on payday loans, limiting the amount of the loan and the fees that can be charged. For home mortgages, the state follows federal guidelines such as the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). Consumers in Tennessee facing debt collection or issues related to consumer debt may seek the advice of an attorney to understand their rights and obligations under the law.