Michael Perelman wrote:
Before the 1920s consumer credit was considered okay for housing or for
"moral" consumption such as pianos or encyclopedias. Stores would give
credit on the books people they knew. I could go to the nearby grocery
store, pick up some things for my mother, and clerk would merely note down
the price.
Michael,
When were you expected to repay the grocer? When you received your next paycheck?
At the end of the month, in full? I wonder whether this type of credit is
substantially the same as that offered by the auto industry. Do you think the
modern credit card industry is simply a general form of the grocer's credit?
The automobile industry first popularized massive credit in the
1920s.
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