Word: crediters
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Dates: during 1960-1969
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...consultants who used the MMPI with Bonneville Power Administration personnel, our answer to the invasion-of-privacy argument is: Just as a banker must ask personal questions to evaluate a credit risk, so must an employer ask personal questions to evaluate an employment risk. If personality tests such as the MMPI invade privacy, so do security clearances, medical examinations, reference checks, lie detectors, police records and employment interviews...
Personal & Business. The fastest-expanding area is auto credit, now at $25.4 billion. Ten years ago, the typical car buyer made a down payment of 30% and carried the balance over 28 months; today he puts down only 25% and finances the car over 32½ months. Personal loans, like the kind Lyndon Johnson took out to help pay his income taxes, have also risen sharply, to $16.5 billion. Revolving credit in department stores, now $2.5 billion, has doubled since 1961. Credit cards still account for only $633 million, but are climbing by 20% a year...
Business borrowing is expanding even faster than consumer credit. New short-term bank loans to business rose from $3.5 billion in 1960 to $10.3 billion in 1964. Long-term corporate bond issues, which usually increase by $5 billion a year, will advance an estimated $8 billion in 1965. One of the newer and riskier forms of business finance is "trade credit"-credits extended by companies directly to their customers, without bank financing. The total of such credit outstanding now tops $100 billion, is expected to rise by $6.8 billion this year...
Good Risks. Is credit being stretched too far? The American Banker Association's delinquency figures have been gradually edging up, and mortgage foreclosures have doubled in the past four years (to 108,620 in 1964). Americans now typically spend 14.3% of their income to pay off their debts. While nobody knows for sure if that is too much of a strain, most lenders argue that the nation's rising levels of savings, income and sophistication prevent it from getting in too deeply. In addition, the major cause of the debt rise is that more people are buying houses...
When businessmen talk about examining their books these days, they may not be referring to debit and credit ledgers. Among U.S. companies, books have become so popular as sales tools that last year this category outstripped all other come-on devices except toys. More than 150 U.S. corporations-including Chrysler, Black & Decker, Weyerhaeuser, Phillips Petroleum, Carnation and G.E.'s Hotpoint Division-use books in sales campaigns. Last week the Aluminum Co. of America launched one of the biggest book campaigns yet. For 500 and an Alcoa coupon, it will send out a 310-page paperback called Mealtime Magic Cookbook...