Word: payments
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Dates: during 1970-1979
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...emergency room of a local hospital, because her child has had an accident. She is met at the hospital's entrance, not by a doctor but by a bill collector who had phoned the neighbor. He tells her that no accident has occurred-but now, about that overdue payment...
Credit counselors invariably bewail the willingness of consumers to take the first time-payment deal they are offered -and with good reason. To test the benefits of shopping around, TIME staffers in New England, the Midwest and the California-Nevada area asked various lenders what terms they would.offer to a salesman who earned $20,000 a year and wanted to borrow $2,000 to take his wife and two children on a vacation. The salesman was assumed to be making mortgage payments on a $40,000 house, and to be paying $110 a month on an auto loan...
CREDIT UNIONS would generally lend to a salesman-member at 12% annually. But if he belonged to Polaroid Corp.'s credit union, an annual refund of interest would reduce the real rate to 9.6%. Payments: about $80 a month for three years. BANKS offered strikingly varied terms on a straight installment loan. In Boston, National Shawmut Bank would lend at 14% per year for 24 months (monthly payment: $96.02). First National Bank of Boston would offer a "revolving line of credit" with an indefinite repayment period and charge interest of 18% annually on the first $500 of unpaid balance...
FINANCE COMPANIES charged the highest rates. Typically, Household Finance Corp. would demand 18% annually on a 30-month loan. Monthly payment...
Lower-income people and the elderly are suffering most. St. Paul resident Ernest Wallin, 72, complains: "Our utility bills have gotten so high that we are having to go into our savings to pay them." In some cases, fuel bills are nearing or exceeding mortgage payments. In South Chicago, Betty Nelson, a mother of five children, got a $198 gas bill, far larger than her mortgage payment...