Go Easy On Easy Credit'
WASHINGTON, Sun. (11.30 a.m.).— The Federal Reserve Board today urged merchants and credit organisations not to provide easy credit inducements when Government control over time-payment buying ends on November 1. The controls which cover motor cars, washing machines, refrigerators, and other major household appliances, require, in general, a one-third deposit and the completion of payments within 15 months.
The board, suggesting that merchants retain the same controls as the Government has been enforcing, said there could be no worse timb to encourage the public to go deeper into debt.
Despite Government controls and the shortage of goods, the volume of timepayment credit had grown by over $3,000,000,000 since the war.
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Northern Advocate, 27 October 1947, Page 5
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115Go Easy On Easy Credit' Northern Advocate, 27 October 1947, Page 5
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