Consumer debt refers to the total amount of money that individuals owe to creditors for personal expenses. This type of debt is typically incurred through the use of credit cards, personal loans, auto loans, student loans, and mortgages, among other financial products. Consumer debt is distinct from business debt, which is incurred by businesses for their operations. There are two primary categories of consumer debt: 1. **Secured Debt**: This involves loans that are backed by collateral (e.g.
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