Forms of Credit Facilities and Reasons for Obtaining Credit by Families in Adamawa State Tertiary Institutions

The study was designed to determine forms of credit reasons for utilizing credit by families in Adamawa State tertiary institutions and ways of improving the process of obtaining and utilizing the credit. A questionnaire was used for data collection. The analysis was carried out using means and t-test. In the major findings, fourteen (14) forms of credit facilities were available for families to use. The reasons for obtaining and utilizing credit include health reasons, property acquisition and educational, economics, environmental, sociological and psychological reasons. The measures identified for improving credits acquisition, utilization also include educating the consumers to shop wisely, where the interest rate is minimal. Recommendations were made that government should review some policies of those institution that offer credit facilities so that families can be given interest free loans.