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Installment Debt
$700 Per Family J
New York, Oct. 10 - How much of a debt load are reside nt6 of Rappahannock County carrying these days? How much of their income each month goes toward meeting the installments on their outstanding debts? As in most other communities, there has been a steady rise in the last few years in the amount of consumer debt. People have been using credit to buy more automobiles, washing machines, dishwashers and air conditioners than ever before. In addition, they have been borrowing money on personal loans to finance travel, education and other expenditures.:* The net result, nationally, is that installment debt is at a new high, equivalent to $1,220 per family. The data, from the Federal Reserve Boifrd and other sources, showsithat installment credit'•''outstanding on June 1 totaled itffbre than $70.2 billion. In I960, by way of comparison, frWas only $42.8 billion. jbsi In Rappahaimbck County, has ed on the naftlopal findings and on averi^e earnings locally, the debt' load is estimated at $700 per family. For the local population as a whole, the grand total is approximately $975,000. This takes into account the amount owed on consumer goods bought on time as well as money owed on personal loans and on repair and modernization loans. Not included are charge accounts in retail stores, home mortgages and bank loans. The amount of debt per family varies considerably from one area of the country to another. It bears a direct relationship to income, in most cases.
83.1%