Household Debt Through the Lens of Social Reproduction: A Narrative Review

Abstract

This study employs a narrative review approach to analyse the role of household debt within the context of social reproduction. Drawing upon interdisciplinary perspectives from economics, sociology and feminist political economy, it critiques conventional consumption theories such as the Permanent Income Hypothesis (PIH) and the Life Cycle Model (LCM) for neglecting the structural and social determinants that contribute to indebtedness. The review consolidates literature from prominent academic databases such as Science Direct, Taylor & Francis, Sage Publications and Emerald Insight, encompassing English-language studies published from 1930 to 2024. Approximately 48 key studies were chosen based on their thematic relevance to household debt, financialization and social reproduction. The findings demonstrate that debt has emerged as a fundamental structural mechanism for household survival within financialized capitalism, exhibiting notable regional and class-based variations. In developed economies, mortgage and educational debt exemplify the privatization of welfare, whereas in developing economies, microfinance and unsecured loans serve as substitutes for limited social protection. This duality highlights the influence of welfare regimes and policy environments on household borrowing behaviours. The study provides a conceptual framework that connects economic, cultural and social capital to household debt and presents testable hypotheses for further research. It concludes that reducing household indebtedness necessitates both structural policy measures (to enhance welfare systems and control credit markets) and deeper theoretical engagement with the social processes that sustain financial vulnerability.