Instalment Credit and Business Fluctuations in the United States, 1929-1954

The amount of outstanding instalment credit is constantly being altered as new contracts are written and repayments are made on existing contracts. It is through this continuous process that economic events affect the outstanding amount of credit. Since repayments are determined primarily by the amount and terms of past extensions of credit, events that determine the level of extensions of credit are particularly important in the determination of the amount of outstanding credit.