Strans on U.S Consumer Credit
Impact of Economic Recession on Consumer Deby
The american way of life is built on debt. Hundreds of billions of dollars' worth of credit have enabled Americans to enjoy cars and refrigerators, furniture and fashionable wardrobes, hospital care and vacations, and a host of smaller purchases. Consumer credit1 stood at $21.5 billion in 1950. As of Feb. 28, 1975, the figure was $185 billion, and nearly 80 per cent of all American consumers were using credit in some form, ranging from department store charge accounts to home-improvement loans. By stimulating demand, this growth in consumer credit has spurred the production of goods and services on a mass scale. No other country in the world has such a big, rich economy, and ...