1. How did people use credit in the 1920’s? What was the problem with them using credit to purchase goods? Do you think that we are experiencing a similar problem now?
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↪In the 1920s, more jobs paid middle-class salaries while new devices—radios, vacuum cleaners, phonographs, washing machines,for example--came onto the market, or became affordable.
↪While St. Louisans tended to buy their day-to-day necessities with cash, starting in the twenties, they bought most of their more expensive durable goods on the installment plan, some money down at first, followed by a year of monthly payments.
↪Economic historians calculate that while in 1920, few middle class consumers used credit to buy goods, by the end of the decade, American consumers bought 60 to 75 percent of cars, 80 to 90 percent of furniture, 75 percent of washing machines, 65 percent of vacuum cleaners, 18 to 25 percent of jewelry, 75 percent of radios, and 80 percent of phonographs on the installment plan.
↪In the 1920s, St. Louisans had no shopping malls. Instead, they did much of their shopping downtown at big department stores like Famous-Barr, Stix,Baer & Fuller, Scruggs, Vandervoorts & Barney’s, and Nugent’s at Washington and Fourth Street, or at small specialty stores.
↪Among them were music stores like Aeolian, 1004 Olive, P.A. Stark Piano Co., 1018 Olive , the Baldwin Piano Company, 1111 Olive, and Wurlitzer, 1006 Olive.
↪Radios and phonographs could be purchased as Goldman Brothers 1102-8 Olive Street, or Brandt & Co., 904 Pine.
↪Jewelry could be purchased at Loftis Brothers, 717 Olive in the Chemical Building while furniture was sold at May-Stern Co., (southeast corner of Twelfth and Olive) and Welch & Co. at 1105 Olive.
hope this will help u
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