An appraisal of consumer credit culture and economic stability in Uromi Local Government Area, Edo State
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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:
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To appraise the influence of consumer credit on economic stability.
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To identify risks associated with excessive credit utilization.
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To recommend measures for promoting responsible credit practices.
Research questions:
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How does consumer credit culture affect economic stability in Uromi?
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What risks are associated with current credit practices?
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What interventions can promote responsible credit use?
Research Hypotheses:
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Consumer credit significantly influences economic stability.
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Excessive borrowing increases financial vulnerability.
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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:
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Consumer Credit Culture: Practices and attitudes related to the use of credit by consumers.
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Economic Stability: The condition of steady economic growth with minimal volatility.
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Financial Literacy: The ability to understand and manage financial resources.
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