St. Paul recorder. [volume] (St. Paul, Minn.) 1934-2000, 1953-08-28

ganization financed by industry
has made twenty-year study Of
instalment credit which In the
backbone OF the American econ
omy. Here are some guides listed
by Mr.. Cheyney for the wise and
moncy-saving use OF instahment
credit.
Note; sixty-five percent Of us
buy such things as automobiles.
furniture. washing machines and
Tv sets on the instalment plan.
One: Pick your instalment
house with the same care that you
pick your friends Buy only In re-
putable instalment stores. Your
friends, neighbors and the Better
Business Bureau can help you
here. II you get hooked with fan
tastic interest and carrying char
ges, and inferior merchandise.
blame only yourself.
Two: The instalment business Ia
highly competitive. which is a
break for the buyer. Don't be n
sucker and jump into the first
store you see when you need
furniture or when you want to
borrow money on the instalment
plan.
Three: When you walk into an
instaiment store first ask the
CASH price Of the article you
want 10 buy. Then ask the install
ment price of the same article. II
the instalment price seems TO be
out OF line with the cash price. try
another store. You may have TO
try four or five stores, but these
trips win save you money in the
long run.
Four: Don't get mad at the
credit manager when he asks
what you consider silly and strict
ly personal questions. Actually. he
Ia trying To help YOU, as well AZ
the store. He tries 10 find out, for
example, how much you owe other
stores 80 that he will not burden
you with load you cannot carry.
You can save money and pre-
vent headaches by coming clean
with the credit manager. who win
often open your eyes TO household
financing that never occurred TO
you. Sometimes he will even try
10 talk you out Of sale, and there
arc plenty OF cases in our files
where the customer, six months
later. sent thank-you note 10
the credit manager.
Five Read your instalment-
credit contract carefully. The
Foundations research reveals that
a high percentage OF buyers know
only in a general way what they
are signing up for. Failure TO read
your contract. word for word. may
cost you money.
Six; When squeezed for cash
sickness, for example,) and I'M
able 10 meet your monthly In
stalment payments. call or visit
the credit manager Immediately.
This, too. will save you money.
Reputable stores do not want re-
Retailers lose money
on repossessions, contrary to the
general belief. The Foundation
has many case histories where In
stalment houses have carried GUS
toners for months without maxi
ing any payments merely because
they were on the level with the
store.
s09tm c1Scott elransi Claude
Seven: Don't be trapped by
advertising designed to
saddle you with debts that may
require five years to pay off. The
advocates heavy down
and quick pay-off per-
iods II. for example. you can af-
ford to pay down as much as so
percent of the cash price and
clean up the balance in six
months. why should you fall for
the OBSERVATION-DISCLOSURES
pay idea? Such a plan costs you
money in interest and carrying
charges.
IF instaiment buyers viii fol-
low these simple rules" Mr.. Chey-
ney says, They win save money.
time and headaches"