The Volume of Consumer Instalment Credit, 1929-38

One of the most notable developments in our national economy during the past few decades has been the growth of credit extended to consumers on instalment terms.In recent years there has been an increasing recognition of the fact that this type of credit is exerting a profound and widespread influence on national purchasing habits, on methods of distribution and finance, of Foreign and Domestic Commerce of the United States Department of Courmerce.For several years prior to the present collaborative effort, each of thcse agencies was independently studying some phase of consumer credit, and interpreting its growth and change.The final development of the estimates pre-sented in this bulletin constitutes an outstanding illustration of the fruitfulness of cooperative research.In preparing the estimates it was necessary to draw upon many sources, and to request special information from a number of private agencies actively engaged in consumer instalment financing.These requests were received with uniform cordiality, and we take pleasure in acknowledging the generous contributions of mate- rial.Methods of estimate were submitted to a number of specialists in the field and their criticisms and suggestions are likewise acknowledged with appreciation.Because of gaps in the basic working materials, methods for estimating were modified according to availability of data.Consequently, we can attribute only approximate accuracy to these figures.Future revisions to increase the precision and value of the series will be made, however, as materials become more abundant and working methods more exact.In view of the continuing need of business and public agencies for such data, the United States Depart-7nent of Commerce has agreed to bring these series up to date and to maintain them on a current basis in the.future.The collection of data and preparation of estimates, which has already begun, is centralized in the Credit Analysis Unit of the Division of Marketing Research, Bureau of Foreign and Domestic Commerce.