Consumer debt
Money owed by an individual on personal borrowing or household commitments, such as credit cards, loans and overdrafts.
Related terms
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Personal debt
Money owed by an individual in their own name, including loans, credit cards, tax liabilities, guarantees and other personal obligations.
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Formal insolvency
A statutory insolvency procedure, such as liquidation, administration, bankruptcy or another legally defined insolvency process.
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Qualifying debt
A debt that meets the legal criteria to be included in a particular debt solution, such as a Debt Relief Order or other statutory process.
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