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Consumer Credit in Post-War America - The Tontine Coffee-House

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Standards of living improved in all Western countries after the Second World War. Incomes rose quickly, allowing more people to enjoy the use of products that were novelties or luxuries before the war, things like household appliances and cars. Homes were getting larger to fit all of the things people were able to afford for the first time. It was not all enabled by rising incomes though. Credit played a part too. In the United States, consumer credit was growing much faster than the economy overall during the 1950s.             Consumer credit was scarce before the 20th century. Even rich countries were considerably poorer then; few people were left with much after paying for bare necessities. Disposable income was a prerequisite for the emergence of consumer credit because no one could credibly commit to repaying a loan who could not afford the basic necessities of life. As the middle classes grew and new modern conveniences became available, at least to the comfortably well off, con

Standards of living improved in all Western countries after the Second World War. Incomes rose quickly, allowing more people to enjoy the use of products that were novelties or luxuries before the war, things like household appliances and cars. Homes were getting larger to fit all of the things people were able to afford for the first time. It was not all enabled by rising incomes though. Credit played a part too. In the United States, consumer credit was growing much faster than the economy overall during the 1950s.             Consumer credit was scarce before the 20th century. Even rich cou

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