Within an hour after President Truman signed the Defense Production Act last week (see NATIONAL AFFAIRS), the Board of Governors of the Federal Reserve System clamped down on consumer credit. But the board thoughtfully gave everyone plenty of time to stock up. Not until Sept. 18 will the ban go down on easy credit of "nothing down, three years to pay," which some retailers are offering.
The new rules:
¶ For new & used automobiles, a minimum down payment of one-third and maximum of 21 months to pay the balance.
¶For other consumer durables (washing machines, refrigerators, radio & TV sets, etc.),...