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The consumer credit industry is a vital part of the economy, as it allows people to buy items and services they need but may not be able to afford up front. If people were unable to obtain consumer credit to make large purchases, such as buying a home or a car, they would have less money to spend on these things, and this could reduce economic growth.
Due to their access to money, consumers will be able buy more services and goods. This spending boost helps companies grow because it allows them to purchase new products and hire extra staff. Consumer credit can also increase financial inclusion, by giving low-income individuals access to loan funds so that they may start a business or take care of their basic necessities.