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 Virginia, 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. Virginia has specific laws governing the collection of debts, such as the Virginia Consumer Protection Act (VCPA), which prohibits deceptive practices in consumer transactions. The state also adheres to the federal Fair Debt Collection Practices Act (FDCPA), which sets standards for the treatment of individuals by debt collectors, such as prohibiting abusive collection practices. For home mortgages, Virginia follows the federal Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), which provide disclosures to consumers about mortgage terms and costs. Payday loans in Virginia are subject to regulations that cap interest rates and fees, as well as set limits on the amount that can be borrowed and the term of the loan. Additionally, the federal Consumer Financial Protection Bureau (CFPB) provides oversight and enforces rules that protect consumers from unfair, deceptive, or abusive practices in the financial marketplace.