What is Consumer Credit

Consumer credit may be defined as any "goods, money, or service" that are provided instead of payment. For example, a person may purchase retail items using credit rather than actual cash. Some of the most common types of consumer credit include: credit cards, vehicle financing, retail store cards, retail loans, and personal loans. Mortgages are sometimes considered to be consumer credit, although they are usually classified into their own category of loans.

The main danger with consumer credit is when a person borrows more than they can pay back. This can lead to issues such as accumulated debt and can cause problems with creditors. Another concern with consumer credit is that many people do not understand how credit operates, especially with regards to interest rates. The total cost of credit is more than what the person simply borrowed; it also includes other costs such as interest, fees, and other charges.

LegalMatch Law Library Managing Editor, , Attorney at Law

If a consumer is unable to repay their creditor, the creditor may then initiate hearings to obtain payment. This can involve several actions which negatively affect the borrower. For example, some of the borrower's property may be appropriated and sold in order to make up for the missed credit payments. Poor credit can even affect one's ability to purchase or keep a home. Read more.


Alabama Consumer Credit Lawyers

Show Alabama Cities

Alaska Consumer Credit Lawyers

Show Alaska Cities

Arizona Consumer Credit Lawyers

Show Arizona Cities

Arkansas Consumer Credit Lawyers

Show Arkansas Cities

California Consumer Credit Lawyers

Show California Cities

Colorado Consumer Credit Lawyers

Show Colorado Cities

Connecticut Consumer Credit Lawyers

Show Connecticut Cities

Delaware Consumer Credit Lawyers

Show Delaware Cities

Florida Consumer Credit Lawyers

Show Florida Cities

Georgia Consumer Credit Lawyers

Show Georgia Cities

Hawaii Consumer Credit Lawyers

Show Hawaii Cities

Idaho Consumer Credit Lawyers

Show Idaho Cities

Illinois Consumer Credit Lawyers

Show Illinois Cities

Indiana Consumer Credit Lawyers

Show Indiana Cities

Iowa Consumer Credit Lawyers

Show Iowa Cities

Kansas Consumer Credit Lawyers

Show Kansas Cities

Kentucky Consumer Credit Lawyers

Show Kentucky Cities

Louisiana Consumer Credit Lawyers

Show Louisiana Cities

Maine Consumer Credit Lawyers

Show Maine Cities

Maryland Consumer Credit Lawyers

Show Maryland Cities

Massachusetts Consumer Credit Lawyers

Show Massachusetts Cities

Michigan Consumer Credit Lawyers

Show Michigan Cities

Minnesota Consumer Credit Lawyers

Show Minnesota Cities

Mississippi Consumer Credit Lawyers

Show Mississippi Cities

Missouri Consumer Credit Lawyers

Show Missouri Cities

Montana Consumer Credit Lawyers

Show Montana Cities

Nebraska Consumer Credit Lawyers

Show Nebraska Cities

Nevada Consumer Credit Lawyers

Show Nevada Cities

New Hampshire Consumer Credit Lawyers

Show New Hampshire Cities

New Jersey Consumer Credit Lawyers

Show New Jersey Cities

New Mexico Consumer Credit Lawyers

Show New Mexico Cities

New York Consumer Credit Lawyers

Show New York Cities

North Carolina Consumer Credit Lawyers

Show North Carolina Cities

North Dakota Consumer Credit Lawyers

Show North Dakota Cities

Ohio Consumer Credit Lawyers

Show Ohio Cities

Oklahoma Consumer Credit Lawyers

Show Oklahoma Cities

Oregon Consumer Credit Lawyers

Show Oregon Cities

Pennsylvania Consumer Credit Lawyers

Show Pennsylvania Cities

Rhode Island Consumer Credit Lawyers

Show Rhode Island Cities

South Carolina Consumer Credit Lawyers

Show South Carolina Cities

South Dakota Consumer Credit Lawyers

Show South Dakota Cities

Tennessee Consumer Credit Lawyers

Show Tennessee Cities

Texas Consumer Credit Lawyers

Show Texas Cities

Utah Consumer Credit Lawyers

Show Utah Cities

Virginia Consumer Credit Lawyers

Show Virginia Cities

Vermont Consumer Credit Lawyers

Show Vermont Cities

Washington Consumer Credit Lawyers

Show Washington Cities

Wisconsin Consumer Credit Lawyers

Show Wisconsin Cities

West Virginia Consumer Credit Lawyers

Show West Virginia Cities

Wyoming Consumer Credit Lawyers

Show Wyoming Cities


Finding the Right Consumer Credit Lawyer

Fortunately, there are many federal statutes that protect consumers from unfair creditor practices. For instance, the Federal Credit Practices Rule prohibits creditors from including certain provisions in their credit contracts. In addition, every state has its own body of credit laws that protect consumers. There are also a number of federal and state consumer credit counseling programs, which provide assistance to those with consumer credit issues.

Finally, consumer credit cases often involve a number of overlapping legal issues, such as: tax effects; privacy concerns (creditors selling/transferring personal credit information without consent); and fraud issues (such as fraudulent credit lines or fraudulent debt-relief schemes).

Thus, if you have a legal issue involving consumer credit, it is likely that your credit issues can affect other areas of your life. For this reason you may wish to speak with an attorney for advice or representation in court if necessary.


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Christopher K.

Christopher K.

Bankruptcy, Banking and Credit

Rating (18 users) *****

 

See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Justin M.

Justin M.

Bankruptcy, Banking and Credit

Rating (6 users) *****

 

See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Bruce R.

Bruce R.

Bankruptcy, Banking and Credit

Rating (9 users) ***

 

See Reviews
Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer T. Hall B.

T. Hall B.

Bankruptcy, Banking and Credit

Rating (4 users) ****

 

See Reviews

Need a Bankruptcy Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now: