What is Consumer Law? A Financial Guide from Resolvly!

Whether you are being relentlessly pursued by a single creditor or have gotten buried in excessive debt, you have likely heard the phrase “consumer law.” However, you might not be too familiar with this term or what it means to you. To help, Resolvly created this user-friendly guide on consumer law.

If you are struggling with unsecured debt, understanding the basics of consumer law is vital. In this article, we’ll give you a crash course on the key aspects of consumer law. We’ll define a few must-know phrases and even discuss when it might be a good idea to hire a consumer law attorney. 

The Basics

The phrase “consumer law” is a broad term that refers to a particular group of statutes and regulations. These laws are created with the intention of keeping lenders in check while also offering certain protections to consumers.

Generally speaking, a consumer is someone that buys services or goods from a seller. However, the term consumer is interpreted somewhat loosely. As such, it includes borrowers that take on student loans and other forms of unsecured debt.

Consumer law includes both federal and state laws. These regulations address virtually every aspect of a buyer’s interaction with a seller. There are laws that impose standardized safety protocols, prohibit the creation of false ads, and otherwise limit sellers in the interest of protecting consumers. 

Specific consumer laws even outline when and how frequently debt collectors may contact you.  

Must-Know Terms

When you’re brushing up on consumer law, there are a handful of phrases that you will encounter on a regular basis. By having a clear understanding of these phrases, you will be better prepared to protect your rights. 

Some of Resolvly’s must-know terms include:

Equal Credit Opportunity Act

The Equal Credit Opportunity Act is federal consumer law. It prevents lenders from discriminating against consumers based on a variety of factors, such as age, sex, color, race, or religion.

Warranty

Warranties are a promise made by a seller. This promise may be implied or expressed. It claims that a service or product meets a minimum standard of quality.

Unsecured Debt

Unsecured debt is any debt owed by a consumer that is not backed by collateral. This includes credit card debt, student loans, and medical bills. Secured debt consists of mortgages, auto loans, and the like.

Consumer Goods

As the name implies, consumer goods are products that are created for consumers. This includes personal property that is primarily bought by individuals. It does not include products marketed for commercial applications.

Reasons to Hire a Consumer Law Attorney

The field of consumer law is incredibly complex. Even if you are a quick study, it can be difficult to understand all of your rights as a consumer. It can be even more challenging to ensure that debt collectors adhere to these rights.

That is why many consumers turn to attorneys that specialize in debt resolution. Lawyers in this field have dedicated years to consumer law and can help ensure that your rights are being enforced.

If you would like to speak with a consumer law attorney about addressing your debt, Resolvly can help. Their team can answer any questions you may have and can even connect you with a debt resolution specialist in your state.

About Resolvly

Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that specialize in debt resolution. Founded in 2015, the Boca Raton-based company has become an industry leader by helping thousands of Americans find the right, legal-based solution to reduce or eliminate their unsecured debt. Resolvly helps with credit card debt, private loans, private student loans, business debt, medical bills, and vehicle repossessions.