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The increase in household debt in South Africa over the past decade illustrates the importance of analysing credit usage. This study investigated the individual’s financial needs satisfied when using credit and the effect of life stage on the needs satisfied. The financial needs satisfied when using credit were analysed according to life stages using Alderfer’s existence relatedness growth (ERG) theory as a framework. The results indicated that credit usage is influenced by an individual’s life stage. This study found that individuals across all life stages mainly use credit to satisfy their existence needs. Although individuals in their single life stages used less credit products than individuals in their family life stages, it was worrisome to ascertain that mature couples had the highest average credit product usage. The findings suggest that individuals fall into the debt trap in their early life stage, resulting in them being unable to save income in the high-income-producing years in order to be able to dissave after retirement. It is suggested that educational programmes targeting the early life stages should be introduced to prevent individuals from becoming overindebted.

The effect of life stages on needs satisfied by credit used, according to Alderfer’s existence relatedness growth theory