- Debts incurred due to personal needs as opposed to business reasons.
non-business debt, debt of consumers, personal debt
Related Terms and Acronyms
- Consumer Bankruptcy — Definition,
- A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
- Consumer Credit — Definition,
- Loans for personal use as opposed to business or commercial lending. These loans are typically unsecured and not backed by collateral.
- Consumer Price Index (CPI) — Acronym, Important,
- An index that measures movements in the average price of products and services typically consumed by Canadian families.