Friday, May 11, 2012

Buying on Credit

           Buying on Credit, which is an agreement where a borrower could buy something and then pay the rest later at another time, this was another cause of the Great Depression, Buying on Credit is similar to modern day credit cards to purchase something. There were many people who wanted to have luxurious items during the twenties that they bought on credit, eventually they're overspending had put them in debt and made many people unable to pay the rest back. Not only was debt bad enough but people who couldn't pay back the debt had their items reposessed.

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