The United States has depended on credit since its inception.
Competitors soon follow suit.
The first building and loan association is formed, offering mortgages with fixed monthly payments instead of requiring payback in one lump sum. In response to scandals and corruption involving loan sharks, remedial loan societies are created to extend credit to small borrowers. 1889 Installment plans are so widespread that the term is listed in a dictionary for the first time. A year later, Sears abandons its cash-only policy and starts installment selling for fear of losing business. 1914 Western Union and some department stores issue the nation's first charge cards, letting people pay for purchases at month's end.