INFLATION: New Credit Dampers

When he first wet-blanketed installment sales last summer (TIME, Aug. 25), FRB Chairman Marriner Eccles warned that there would be "further dampening." Last week Mr. Eccles got out his wet blanket again and dropped it on the U.S. consumer. But, like most of Washington's anti-inflation gestures, this one really soaked nobody but the rich.

Main new dampers on retail credit:

> Open charge accounts cannot run over 70 days, or 40 days after the end of the month of purchase. If not paid by then, the retailer must change them to installment accounts,...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!