### Question
How is the term debt defined?


### Answer
The term **debt** is defined in *15 U.S.C. § 1692a* as the following:

> any obligation or alleged obligation of a consumer to pay money arising out of a transaction in which the money, property, insurance, or services which are the subject of the transaction are primarily for personal, family, or household purposes, whether or not such obligation has been reduced to judgment

#### Citation:
  - *15 U.S.C. § 1692a*
  - Heading: **CHAPTER 40-DEPARTMENT OF COMMERCE > SUBCHAPTER V-DEBT COLLECTION PRACTICES**

