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Income-based repayment plans are based on a percentage of discretionary income, not the amount owed, and provide a 25-year term of payments before loan forgiveness.

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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.
 


Income-based repayment plans are based on a percentage of discretionary income, not the amount owed, and provide a 25-year term of payments before loan forgiveness.






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