UNRAVELING THE DRIVERS OF HOUSEHOLD DEBT: AN IN-DEPTH STUDY OF FACTORS
DOI:
https://doi.org/10.29121/shodhkosh.v5.i6.2024.3549Keywords:
Household Debt, Credit, Borrowing Behaviour, Socio-Demographic, Macroeconomic, Behavioural AspectsAbstract [English]
Over the past few decades, Household Debt (HHD) has expanded significantly in conjunction with credit to individuals. This study aims to synthesize information on household debt by identifying its main factors and laying the groundwork for future research. Through a brief study, an exhaustive analysis of 35 research articles based on household debt from 2007 to 2022 has been conducted to categorize the most influential factors affecting household debt. The majority of reviewed papers indicated that socio-demographic factors; income, age and gender, macroeconomic variables; unemployment, inflation, interest rate and behavioural aspects; risk attitude and religious beliefs were observed to be the most important dominating factors in deciding household debts across developed as well as developing nations. The study has also provided an approach for categorizing the key ideas, literature streams, and variables about household debt.
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