Credit use: psychological perspectives on a multifaceted phenomenon

Area of Science:

• Consumer behavior
• Psychology
• Financial studies

Background:

• Consumer credit use is a complex and widely studied topic.
• Existing literature is categorized by four psychological perspectives: situational, personal, cognitive, and social.
• Credit use is also viewed through three distinct phases: pre-acquisition, acquisition, and post-acquisition.

Purpose of the Study:

• To systematically review and categorize existing literature on consumer credit use.
• To identify concentrations and gaps in current research.
• To propose future research directions and highlight global implications.

Main Methods:

• A two-tier structure aligning psychological perspectives with credit process phases was used to review international literature.
• Systematic analysis of research concentrations and gaps within each perspective and phase.
• Identification of interrelations between perspectives and geographical research distribution.

Main Results:

• Significant research exists on credit use as a reflection of situation and cognitive processes.
• Gaps are identified in research on credit acquisition as a personal or social reflection.
• Research on personal reflection of credit use primarily focuses on the pre-acquisition phase.

Conclusions:

• Future research should address the identified gaps, particularly in credit acquisition from personal and social perspectives.
• There is a need to explore interrelations between different psychological perspectives on credit use.
• Addressing geographical imbalances and promoting systematic research are crucial for a comprehensive understanding of consumer borrowing.