Minneapolis spokesman. [volume] (Minneapolis, Minn.) 1934-2000, 1953-08-28


has made twsnty-year study Of
instalmont credit which 10 the
backbone Of the American econ
omy. Here are some guides listed
by Mt Cheyney for the wise and
money saving use Of instaiment
credit.
Note sixty.fivs percent Of M
buy such things ~ automobiles,
furniture, washing machines and
Tv sets on the lnStaimcnt plan.
one; Pick your instalment
house with the same care that you
pick your friends, Buy only IN re-
putAble inatalment stores, Your
friends, neighborp and the Better
Buaineaa Bureau can help you
here. II You get hooked with fan
tastio interest and carrying char.
Ecs, and inferior merchandise,
blame only yourself.
Two The instAlmsnt business IL
highly competitive, which IL .
break for the buyer Don't be Q
sucker and Jump into the first
store you see when you need
furniture or when you want 10
borrow money on the inatalment
plan.
Three; When you walk into an
inHtalmsnt store first ask the
CASH price Of the article you
want TO buy, Then ask the install
ment price Of the same article, II
the instalment price seems 10 b
out OF line with the cash price. try
another store. You may have 20
try four or five stores. but these
trips viii save you money In the
long run,
-Four Don't ret mad al the
credit manager when he asks
what YOU consider niliy and strict
~ personal queetiona. Actually, no
Ia trying 10 help YOU, m well ~
the store. He tries 20 find out, for
example, how much you owe other
stores ~ that he will not burden
you with q load you cannot carry.
You can save money and pre-
vent headaches by coming clean
with the credit manager, who viii
often open your eyes 10 household
financing that never occurred 10
you. Bomstimsa he win even try
% talk you out Of sale. and there
are plenty Of cases In our files
where the customer. sin months
later, sent q thank.you note 20
the credit manager.
Five Read your inEtalmsnt.
credit contract carefully, The
Foundations research reveals that
= high percentage Of buyers know
only IN q general way what they
are signing up for. Failure 10 read
your contract, word for word. may
cost you money.
Six When squsezsd for cash
(slcISneas, for sEampls.D and un-
able 10 meet your monthly In
staImsnt payments, call or visit
the credit manager Immediately.
This, too. win save you money.
Reputable stores do not want re-
poassHsi0ns Retailers lose money
on repoasssaiona. contrary 10 the
general belief. The Foundation
has many case histories where In
atalmfni houses have carried Gus
toners for months without maxi
Ing any payments merely because
they were on the level with the
store.
sO9tm etBcott siranal Claude
Seven; Don't be trapped by
come-on advertising designed 10
saddle you with debts that may
require five years 10 pay off. The
Foundation advocates heavy down
payments and quick pay-off per-
iodS. n. for example. you can af-
ford 10 pay down ~ much A. 30
Dereent of the cash price and
clean up the balance In Eix
months, why should you fan for
tho nothing -down-four.year-to-
pay deaf Such . plan costs you
money In interest and carrying
charges.
IF lnstaImsnt buyers win fol-
low these simple rules" Mr.. Chsy-
nsy says. They win save money,
time and headaches"