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English definition of “consumer debt”

consumer debt

noun [U]     (also consumer indebtedness)
ECONOMICS the amount of money owed by people for things they have bought but not yet paid for: The Bank expressed concerns about the booming housing market and high levels of consumer debt. With consumer debt spiralling to epidemic proportions, we cannot just stand back and do nothing.
(Definition of consumer debt noun from the Cambridge Business English Dictionary © Cambridge University Press)
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