Thursday, November 21, 2019

News Story Essay Example | Topics and Well Written Essays - 1000 words

News Story - Essay Example Irrespective of these market determined prices of goods and services economies goes through various phases of boom and depression, a fact that affect consumers ability to afford some goods and services over time (Martha, 1989). Tracing this changes in the 1920s indicated a need to establish measures that can help consumers boost their affordability of various goods and services (Martha, 1989). Introducing these measure which included among others credit buying were established to help consumers get goods and services which otherwise could have been out of their reach. Credit buying is where a consumer is given with a promise to pay later (Martha, 1989). It therefore means that with this mode an individual would be able to access goods and services that otherwise would have been out of his reach and pay for them later when he is able or in installment (Martha, 1989). Credit comes in different forms and has evolved since 1920s, incorporating technology and other modern means of payment. The most modern form of credit buying has incorporate the concept of plastic money and is to most popular known as credit cards (Martha, 1989) Credit buying as indicated in the introduction allows buyers to get good and services now and pay for them later (Martha, 1989). The 1920s introduced many modern conveniences and was commonly referred to as the roaring 20s for this reason. These period marked overwhelming rise of modern consumer culture (Martha, 1989). This meant rise in exciting opportunities to buy stylish clothing, cars and house appliances that defined status and comfort. Among these modern conveniences was the concept of buying on credit to help consumers buy not just within their means. With the surge of new exciting opportunities, new financing modes were introduced to help consumers cope with increasing need for an easy life (Martha, 1989). New products in the 1920s

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