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The orbit of consumer credit choices

Lookup NU author(s): Dr Jane BrownORCiD

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Abstract

Resulting from instability in the UK financial climate in recent times, consumers have increasingly turned to alternative credit sources such as payday loans, logbook loans (car title loans) and pawning. Recognising this increasingly important trend in UK society, this study explores how UK consumers manage and select alternative credit sources, through a Consumer Culture Theory lens. Primary data were sourced through a multi-stage interview process with ten consumers of alternative credit providers. Findings were subjected to a rigorous six-stage thematic analysis, which enabled generation of a three-ring orbit model showing how the consumers migrated between categories of credit sources. Furthermore, it was found that other concepts could be traced on to the orbit model, such as access to other credit sources, time pressures, perceived risk and emotional state. It is expected that the findings from this study will benefit lenders, policy makers and regulatory bodies from greater insights into understanding of the emotional state of their customers and the particularly the pressures they may be experiencing when taking last resort credit sources.

Publication metadata

Author(s): Brown J, Wäppling A, Woodruffe-Burton HR, Black K

Publication type: Article

Publication status: Published

Journal: Journal of Financial Services Marketing

Year: 2017

Volume: 20

Issue: 2

Pages: 85–96

Print publication date: 01/06/2017

Online publication date: 24/04/2017

Acceptance date: 20/02/2017

ISSN (print): 1363-0539

ISSN (electronic): 1479-1846

Publisher: Palgrave Macmillan Ltd.

URL: https://doi.org/10.1057/s41264-017-0026-5

DOI: 10.1057/s41264-017-0026-5

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