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Rationale for Consumer Credit Regulation

In: Nigerian Consumer Credit

Author

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  • Philemon Iko-Ojo Omede

    (Veritas University)

Abstract

Traditional justifications for the regulation of consumer creditConsumer credit derive mostly from the field of economics. However, the economic literature is not unanimous on the welfare implications of consumer borrowing. This chapter considers two schools of thought on the welfare impact of consumer creditConsumer credit and the rationale for its regulation. The first school of thought theorises that credit is welfare-enhancing and enables individuals to balance consumption over a lifetime (life-cycle theoryLife-cycle theory). The second school of thought rejects the idea of consumer creditConsumer credit entirely as a welfare tool, or at least for specific categories of consumers and markets.

Suggested Citation

  • Philemon Iko-Ojo Omede, 2022. "Rationale for Consumer Credit Regulation," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Nigerian Consumer Credit, chapter 0, pages 25-73, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-11740-4_2
    DOI: 10.1007/978-3-031-11740-4_2
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