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Consumer Credit
$750 Per Family
How much does the average family in Rappahannock County owe in the form of installment debt?
To what extent do local people use the buy now, pay later plan in their purchases of automobiles, dishwashers, furniture and other durable goods?
In recent years, locally and in most other communities across the country, there has been a steady growth in installment debt.
In the first six months of this year, alone, the overall increase has been nearly seven percent, according to Federal Reserve board and Commerce Department figures. It indicates a pronounced rise in consumer spending. The two go hand-in-hand. When spending picks up, so does the use of credit.
As of the middle of this year, the reports show, installment credit in the nation reached $80 billion as compared with $75 billion on January 1st.
It was equivalent, on the average, to nearly 15 cents out of every dollar of family income, after taxes.
In Rappahannock County, installment debt at midyear came to an estimated $750 per family, based on the national findings and on average earnings and expenditures locally.
That was the average amount. However, some families have no debt at all so that, among those that do, the per family figure is somewhat higher.
For the local population as a whole, installment debt totaled
92.2%