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Frank ran up a large credit card bill as an undergraduate student, he also took out as much in student loans as possible- He is now unable to pay his credit card debt and his student loan debt- However, he has decided to declare bankruptcy to eliminate his debt- Frank will be able to eliminate his federally subsidized student loan debt by declaring bankruptcy.

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What Is Consumer Debt?

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.
 


Frank ran up a large credit card bill as an undergraduate student, he also took out as much in student loans as possible- He is now unable to pay his credit card debt and his student loan debt- However, he has decided to declare bankruptcy to eliminate his debt- Frank will be able to eliminate his federally subsidized student loan debt by declaring bankruptcy.






 
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