What is consumer debt, and what does it look like in America? In my own work on consumer bankruptcy, “consumer” debt is any debt incurred by an individual or couple (as opposed to a business) — so that would be mortgages, car debt, student debt, bank loans, etc. The Federal Reserve Consumer Credit G.

How is consumer debt defined?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.

What is the current consumer debt?

The report shows that total household debt increased by $313 billion (2.1%) to $14.96 trillion in the second quarter of 2021. The total debt balance is now $812 billion higher than at the end of 2019. ... Auto loans increased by $33 billion, while student loan balances decreased by $14 billion.