An appraisal of consumer credit culture and economic stability in Uromi Local Government Area, Edo State
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the study
Consumer credit culture, which encompasses the practices and attitudes toward borrowing, plays a pivotal role in shaping economic stability in Uromi Local Government Area. The availability and use of consumer credit enable households to smooth consumption and invest in education, housing, and entrepreneurial ventures (Ighodaro, 2023). While access to credit can stimulate economic activity, excessive borrowing or irresponsible credit practices may lead to financial vulnerabilities and increased indebtedness. Recent studies have underscored that a balanced consumer credit environment is essential for sustaining economic stability, as it influences spending patterns and overall financial health (Bassey, 2024). Moreover, financial literacy and responsible lending practices are critical in ensuring that credit contributes positively to the local economy rather than exacerbating economic disparities (Umeh, 2025). This appraisal examines the interplay between consumer credit practices and economic stability, providing a nuanced understanding of the risks and benefits associated with credit culture in the region.
Statement of the problem
Current consumer credit practices in Uromi have raised concerns regarding financial stability. Inadequate regulation and low financial literacy have led to unsustainable borrowing behaviors, increasing the risk of indebtedness among households. These challenges undermine the potential economic benefits of consumer credit and necessitate a critical evaluation of credit practices to inform policy measures that promote responsible credit use (Ighodaro, 2023).
Objectives of the study:
-
To appraise the influence of consumer credit on economic stability.
-
To identify risks associated with excessive credit utilization.
-
To recommend measures for promoting responsible credit practices.
Research questions:
-
How does consumer credit culture affect economic stability in Uromi?
-
What risks are associated with current credit practices?
-
What interventions can promote responsible credit use?
Research Hypotheses:
-
Consumer credit significantly influences economic stability.
-
Excessive borrowing increases financial vulnerability.
-
Enhanced regulatory frameworks can improve credit practices.
Significance of the study
This study will provide policymakers and financial institutions with insights into the role of consumer credit in maintaining economic stability. The findings will help shape interventions to promote responsible borrowing, ultimately contributing to a more stable and resilient local economy.
Scope and limitations of the study:
Limited to the appraisal of consumer credit culture and economic stability in Uromi Local Government Area, Edo State.
Definitions of terms:
-
Consumer Credit Culture: Practices and attitudes related to the use of credit by consumers.
-
Economic Stability: The condition of steady economic growth with minimal volatility.
-
Financial Literacy: The ability to understand and manage financial resources.
Related Project Materials
A Study on the Effect of Public–Private Partnerships in Developing Transportation Infrastructure in Nigeria
Background of the Study
Public–private partnerships (PPPs) have emerged as a critical strategy for...
PHYSICOCHEMICAL ANALYSIS AND MANAGEMENT OF PETROLEUM CONTAMINATED SOIL FROM ELEME, PORT-HARCOURT
2 Statement of the Problem Petroleum substances pose a threat to the environment as they negatively affect plant production and put health of peopl...
The effect of religious education on students' approach to self-discipline and responsibility in Bauchi LGA, Bauchi State
Background of the Study
Self-discipline and responsibility are critical attributes that underpin personal success and soci...
An Investigation of the Effect of Early Clinical Exposure on Students’ Interest in Pediatric Nursing in Taraba State College of Nursing and Midwifery
Background of the Study
Early clinical exposure plays a significant role in shaping nursing students' interests and career choices. T...
THE ROLE OF FINTECH IN FINANCIAL MANAGEMENT AND MOTIVATION
Abstract: THE ROLE OF FINTECH IN FINANCIAL MANAGEMENT AND MOTIVATION
Objective: This s...
Development of a Cloud-Based Course Management System for Secondary Schools in Minna Local Government, Niger State
Background of the Study
The shift towards digital education has necessitated the development of robust course management s...
THE INFLUENCE OF CELEBRITY ACTIVISM ON POLITICAL MOVEMENTS IN NIGERIA (A CASE STUDY OF ENDBADGOVERNANCE PROTEST IN NIGERIA)
THE INFLUENCE OF CELEBRITY ACTIVISM ON POLITICAL MOVEMENTS IN NIGERIA (A CASE STUDY OF ENDBADGOVERNANCE PROTEST IN NIGERIA)
EFFECT OF INTERNAL CONTROL SYSTEM ON RISK MANAGEMENT
ABSTRACT
This study examine the effects of internal control system on risk management. The researcher consider employee...
The Effect of Technology Adoption on Financial Reporting Accuracy in Public Schools: A Case Study of Kaduna State
Background of the Study
The advent of technology has revolutionized the way organizati...
A STUDY OF THE ADOPTION OF THE USE OF SMARTPHONES AMONG STUDENTS OF KADUNA POLYTECHNIC AND NUHU BAMALLI POLYTECHNIC
Abstract
The study investigated the adoption of the use of smartphones among students of Kaduna Polytechnic and Nuhu Bamalli Polytechnic....
