Word: consumerized
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Consumer credit men braced themselves - they were going to have the unprofitable distinction of being the last men tapped for reconversion. From Washington came word that the Federal Reserve Board would keep the screws tight on consumer credit until manufacturers are again pumping out enough peacetime goods to meet demand...
In 1941 the consumer credit industry happily reckoned its alltime peak volume at $9.5 billion. Of this sum, U.S. citizens were pledged to pay $5.9 billion on the installment plan for autos, home appliances, furniture and jewelry; charge ac counts and personal loans on "easy" terms added up to $3.6...
In August 1941, the Government announced Regulation W, to help ward off inflation by making borrowing and buying more difficult. These credit restrictions, aided by the shortages of consumer durable goods, cut consumer debt almost in half, to a current $4.9 billion.
But the proponents of gradual relaxation had no real hopes; the Federal Reserve Board's position as of last week was to keep consumer credit warming the bench until the board sends it into the game to ward off deflation.
As a result, prices of these goods and services are raised. Higher prices then reduce purchasing power. C.E.D. estimates that its proposed changes in excise levies would add $3 billion to consumer purchasing power.