When you purchase goods or services for your personal use, you are called a consumer.
As a consumer, you have legal rights and responsibilities when you buy goods or services or when you borrow or loan money.
In this section:
- Contract Basics
- Problems with a Purchase
- Getting a Credit Card
- If You Can’t Pay Your Debts
- Your Credit Rating
The consumer law terms used in this section are listed below:
| Consumer | The person who purchases a good or service for personal use |
|---|---|
| Contract | An agreement between two or more people |
| Creditor | The person who is owed an amount of money |
| Debt | An amount of money a person owes |
| Debtor | The person who owes money |
| Expense | Money spent on something |
| Goods | A product. Something you buy |
| Income | Money received by you – usually earned |
| Small Claims Court | A court that hears claims for up to $35,000 |
| Warranty | A promise about the quality of a product or service |