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Meaning of “consumer debt” in the English Dictionary

"consumer debt" in Business English

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consumer debtnoun [U]

uk   us   (also consumer indebtedness)
ECONOMICS the ​amount of ​moneyowed by ​people for things they have ​bought but not yet ​paid for: The Bank ​expressedconcerns about the ​boominghousingmarket and high ​levels of ​consumerdebt. With ​consumerdebtspiralling to epidemic ​proportions, we cannot just ​stand back and do nothing.
(Definition of consumer debt from the Cambridge Business English Dictionary © Cambridge University Press)
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