Word: creditably
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Dates: during 1950-1959
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...recession picked up momentum in early '58, the fear was that installment buying would plummet and, with a wave of repossessions by finance companies, pull the economy down farther. Nothing like that occurred. Total U.S. consumer credit (including installment buying, charge accounts and personal loans) inched down to $43 billion in July, only 4% below its December high; installment debt, the biggest hunk of the total, dropped only 2.7%. Thus, credit continued to be a big support under the economy...
...remarkable way in which the U.S. consumer kept up his credit payments despite the recession contributed to economic stability. With a record total of $78.5 billion in savings accounts, he had a fat roll to draw on. With the resources at his command, plus unemployment compensation and other supplementary benefits, he kept up his credit payments while cutting back on new commitments. Says a Los Angeles banker: "The consumer is not as wild an individual as many thought. For the most part, he is serious about satisfying his obligations...
...recession were "insignificant." In the Midwest, says Vice President Keith Cone of Chicago's La Salle National Bank, "the rise in delinquencies and repossessions was just not alarming at all." By prodding the creditor to be more cautious in his lending and thus weeding out many a weak credit risk, the recession actually im proved collections in some places. Sanger Bros. Department Store in Dallas and one of San Francisco's biggest department stores reported that collections were better during the recession than before it. Said Emil J. Seliga, president of Chicago's Talman Federal Savings...
Paradoxically, one of the great worries about credit, the little or no down payment required for purchases, actually turned out in many cases to be to the advantage of both consumer and creditor. A man who had bought a car with no money down and 36 months to pay had so little equity in the car that he was apt to say "Come and get it" if pressed too hard to pay. Result: many a creditor carried his jobless customers to save himself the trouble and cost of repossession-and usually got his money when the customer...
...believes that the credit structure is earthquake proof. If the downturn had lasted six months longer, it might have shaken down many of the props that held up the credit structure...