Consumer debt refers to the amount of money that individuals owe due to borrowing primarily for personal or household purposes. This includes credit card debt, student loans, and mortgages.
Related terms
Credit card debt: The amount of money owed on credit cards after purchasing goods or services.
Student loans: Money borrowed by students to pay for education expenses that must be repaid over time.
Mortgages: Loans taken out by individuals to finance the purchase of property or real estate.