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| Topic: |
Humanities
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| Number of pages / Number of words: |
14 / 3748 |
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relied upon two things in order for the economy to remain even: luxury spending, investment and credit sales. One solution to the problem of the vast majority of the population not having enough money to satisfy all their needs was to let those who wanted goods buy products on credit. The concept of buying now and paying later caught on quickly...
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By the end of the 1920's, 60% of cars and 80% of radios were bought on installment credit. Between 1925 and 1929 the total amount of outstanding installment credit more than doubled from $1.38 billion to around $3 billion. Installment credit allowed one to "telescope the future into the present", as the President's Committee on Social Trends noted...
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