Formation of credit culture in the conditions of the digital economy

This article defines the role of credit as a vital tool within the financial system that promotes economic growth, fosters business development, and enhances the welfare of the population - particularly amid macroeconomic instability and martial law. The article emphasizes that the effectiveness of credit provision depends not solely on economic mechanisms, but also on socio‑behavioral factors, especially the level of credit culture. A low level of credit culture results in various negative consequences, including irresponsible use of credit, indebtedness, psychological pressure on borrowers, deterioration of credit history, and reduced access to future financing. For financial institutions, this translates into increased non-performing loans, deterioration of credit portfolio quality, and tightened business lending standards, which in turn suppresses investment activity and economic development. The article conceptualizes credit culture as a system of norms, principles, knowledge, skills, and behavioral models that define responsible attitudes toward credit obligations by both borrowers and lenders. It further specifies that the components of credit culture include financial literacy in credit matters -encompassing financial and legal knowledge, credit skills, and both borrower and lender credit behavior. The influence of digital technologies on the credit process, consumer behavior, financial institution operations, and credit culture is also explored. Particular emphasis is placed on the digital transformation of the credit services market through automated creditworthiness assessment, formation of digital borrower reputation, and emergence of alternative lending formats. The study identifies both advantages and risks of credit digitalization and stresses the need to consider digital literacy as an integral component of credit culture. The article concludes that digitalization necessitates raising levels of digital literacy to ensure ethical, secure, and responsible behavior throughout the credit process.