After reading this chapter, you should understand the following:
- How consumers enter into credit transactions and what protections they are afforded when they do
- What rights consumers have after they have entered into a consumer transaction
- What debt collection practices third-party collectors may pursue
This chapter and the three that follow are devoted to debtor-creditor relations. In this chapter, we focus on the consumer credit transaction. Chapter 11 "Secured Transactions and Suretyship" and Chapter 12 "Mortgages and Nonconsensual Liens" explore different types of security that a creditor might require. Chapter 13 "Bankruptcy" examines debtors’ and creditors’ rights under bankruptcy law.