Word: crediteer
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Dates: during 1930-1939
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...McCreery's is doing is currently being done in one form or another by many & many a U. S. retailer-broadening and easing the base of installment selling. McCreery's demands regular payments on its accounts, usually in ten weekly installments. Another version is the "Letter of Credit," developed by Philadelphia's Lit Brothers and now widely emulated. The letter of credit, issued by the store's credit department, is given to the sales clerk, who notes on the letter the amount of each purchase, the customer being able to buy up to the limit...
Under the press of Depression, the Installment Plan was asked to move a type of merchandise which could not be repossessed or was worn out before it was paid for. Among credit men this merchandise has the name "soft goods." Department store installments may cover anything from tires to toilet articles. Oddest use of installment selling is for services, ranging from steamship passage to permanent waves...
...been steadily eased. Where they have not been eliminated entirely, down payments have been sharply reduced. To make it easier to go into debt, payments have been lowered by extending the term from ten or twelve months to two or three years, sometimes as much as five years. Installment credit has also been eased quantitatively. Sears, Roebuck and Montgomery Ward now sell mail-order merchandise for deferred payment in amounts...
This easing and broadening of installment credit has already brought cries of alarm from the National Retail Dry Goods Association, will undoubtedly call for further alarm when the Association meets for a mid-year convention in Chicago this week. So far N.R.D.G.A. does not consider the actual volume of installment credit ominous. Installment sales last year probably ran about $4,500,000,000, may run as high as $5,000,000,000 this year- still considerably under the 1929 total...
...installment selling is astonishing. Last year the volume of deferred payment merchandise sold by department stores was nearly 35% ahead of 1935, while charge account sales were up only 12½% (total department store sales were up 11.8%). Cried Joseph Anton Hagios, N.R.D.G.A.'s bright young German-born credit manager, fortnight ago: "With a growing segment of the buying public mortgaging its future income in installment obligations which will in all likelihood amount to close to 10% of our national income this year, it must be anticipated that the resulting installment debt is certain to have a retarding effect...