Installment credit, in which the debt is repaid in equal installments over a specified period of time, exploded on the American scene with the advent of the

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Installment credit became popular in the US with the rise of the automotive industry in the early 20th century. The installment plan allowed consumers to purchase cars on credit and pay them off in installments, making it more affordable for the average person to own a car.

Installment Credit, in Which the Debt Is Repaid in Equal