Increased standard of living
The method of buying large ticket items witha small deposit and instalment payment pklan was a feature of the 1920s
Previously only the wealthy could afford to pay cash for items like pianos, phonographs, radios, fridges, vacuum cleaners, and washing machines. Most people who aspired to owning their own home saved up the full price in cash over many frugal years, so they had no money left over for luxuries.
When markets introduced instalment plans they realized that they could make more profits off of this, because when this was introduced it allowed normal people to buy more luxury itmes
The joy of use now, pay later, turned out to be an overwhelming burden of debt for many 1920's consumers as it has for consumers today.
The stock market crash of 1929 was the beginning of the end for people in debt.
Previously only the wealthy could afford to pay cash for items like pianos, phonographs, radios, fridges, vacuum cleaners, and washing machines. Most people who aspired to owning their own home saved up the full price in cash over many frugal years, so they had no money left over for luxuries.
When markets introduced instalment plans they realized that they could make more profits off of this, because when this was introduced it allowed normal people to buy more luxury itmes
The joy of use now, pay later, turned out to be an overwhelming burden of debt for many 1920's consumers as it has for consumers today.
The stock market crash of 1929 was the beginning of the end for people in debt.