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In this view, the installment plan gets workers to show up on time, to meet their social obligations, and to keep fueling the consumer society that powers American prosperity. In other words, there's a bumper sticker pasted to the tailgate of the modern American dream.
In the 1920s, the items people could purchase with an installment plan included: automobiles, automobile parts, household appliances, radios, phonographs, pianos, and furniture.
Today, Americans own many durable goods, most considered luxury items, widely advertised and purchased on credit. She concludes that a revolution in consumer durable goods occurred in the 1920s...
21 lut 2024 · The 1920s witnessed a significant rise in installment purchasing, fueled by the availability of credit. Installment purchasing revolutionized the way people bought goods and services, allowing them to make purchases and pay for them over time in regular installments.
By the 1920's almost everyone was using installment plans. The installment plan enabled people to buy goods over an extended period of time, without having to put down very much money at the time of purchase.
The method of buying large ticket items with a small deposit and instalment payment plan was a feature of the 1920's. Previously only the wealthy could afford to pay cash for items like pianos, phonographs, radios, fridges, vacuum cleaners, and washing machines.
Spiegel's example prodded Sears and other retailers to follow suit. The result was a credit revolution marked by “the installment plan.” Another leader in the credit revolution was the Household Finance Corporation. Founder Frank Mackey opened a loan office on Madison Street in 1885.
