Consumer credit is debt that is obtained by persons who intend to spend the money immediately. Assessingconsumer credit tells us imperative things about our economy. If consumers have the capacity to borrow effortlesslyand refund those debts on time, then the economy should be stimulated and we will have growth. Consumers are theinstrument and brainbox of the economy, when credit is unavailable, consumers will face foremost complications inborrowing. In this circumstance, consumers would consume less since they have less access to credit. For this reason,manufacturers will sell less, and produce less. The importance of a viable consumer credit system cannot be overemphasized. This paper hypothesizes that certain identified factors militate against the development of a strongconsumer credit system in Nigeria. It examines and analyses these challenges and exposes their negative roles in thedevelopment of a strong consumer credit system. It focuses on strategies that can improve consumer access to creditfacilities and concludes that there is need for a paradigmatic change. It therefore makes recommendations that canchallenge Nigerian policy makers to improve on, or evolve a stronger consumer credit system.