Answer: Installment plans are credit systems where payment for merchandise/items is made in installments over a pre-approved period of time. In the 1920s, the items people could purchase with an installment plan included: automobiles, automobile parts, household appliances, radios, phonographs, pianos, and furniture.
Explanation:
An installment plan is a way of buying products gradually. You make regular payments to the seller until, after some time, you have paid the full price. [US]regional note: in BRIT, use hire purchase. 'installment plan'. During the 1920s many Americans bought high-cost items, such as refrigerators and cars, on the installment plan, under which they would make a small down payment and pay the rest in monthly installments. Some buyers reached a point where paying off their debts forced them to reduce other purchases. The retail and advertising industries were ripe for innovation and saw a new outlet to connect with consumers hungry to buy into the new purchase model. Installment buying became standard for everything from luxuries to necessities, with manufacturers pushing retailers to offer installment plans.
