Lived Experiences of Consumer Credit Burdens among Middle-Class Households
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Abstract
Household debt is a defining feature of modern economic life, shaping both financial behavior and social well-being. The experiences of middle-class households under rising interest rates remain insufficiently understood, particularly regarding the subjective meanings of credit obligations. Using interpretative phenomenological analysis (IPA), this study explores how middle-class households experience consumer credit burdens in high-interest contexts. Data were collected through semi-structured interviews with 15 participants managing active credit obligations. Findings reveal that debt transforms from a symbol of social pride into a burden of financial and emotional strain. Households navigate this tension through adaptive strategies of sacrifice and emotional regulation, reflecting the deep entanglement between money, identity, and dignity. The study underscores that debt is not merely an economic mechanism but a lived psychosocial phenomenon rooted in cultural and social realities. These insights expand theoretical perspectives on consumption and offer practical implications for inclusive financial policy and consumer well-being.
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