Abstract
L imited income people in Bangladesh are not solvent enough to buy essential household durables (like TV, fridge, furniture, sofa-set etc.) to enhance the lifestyle interests after fulfillment of their basic needs. They need consumer credit to buy these products for satisfying their lifestyle interests. The purpose of the study is to identify the consumer credit impacts on lifestyle interests of consumers of Bangladesh. 576 respondents in a survey were asked to rate the importance of 15 lifestyle interests variables related to consumer credit. These data were tested via factor analysis (the principal components method with varimax rotation) by using SPSS program. The results show that people borrow money to buy household goods to gratify their desired interests to family, home, recreation, fashion and food. The thesis will make contribution to our understanding that people need consumer credit to suit their desired interest to family, home, recreation, fashion, food et c.
Highlights
IntroductionThey have no ability to buy essential household durables (like TV, fridge, furniture, sofa-set etc.) to enhance the lifestyle interests after fulfillment of their basic needs
The findings of the study summarized in appendix show that people borrow consumer credit to buy household goods for the interest of their family, home, recreation, food and fashion
Factors loading of variables and % of variance of the factors shown in appendix prove the hypothesis that there is a strong association between consumer credit and people’s lifestyle interests
Summary
They have no ability to buy essential household durables (like TV, fridge, furniture, sofa-set etc.) to enhance the lifestyle interests after fulfillment of their basic needs. In this situation, credit is necessary for them to buy household goods. They have no ability to get mortgage loan To materialize their cherished goal of becoming the owners of the durable goods, at first Islami Bank Bangladesh Ltd. offered an attractive opportunity of installment buying through a consumer credit scheme named ‘Household Durable Scheme’ in 1993 in Bangladesh (Islami Bank Bangladesh Ltd, 1994). Soon several other banks joined and today 19 of the 48 commercial banks offer consumer credit services (Bangladesh Bank, 2006)
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