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Consumer Debt $920
Per Family Locally
As is the ease in most parts of the country, residents of Rappahannock County are carrying more instalment debt than ever before
They have been using the bast amount of credit available to them to buy more cars, furniture, refrigerators, washing machines and other costly goods.
It is part and parcel of the change in buying habits that has been in evidence for a number of years. Gradually, the nation has switched from a cash economy to a credit economy.
As of the middle of this year, according to the findings of the Federal Reserve Hoard, instalment debt in the United States reached $93.09 billion, or $9.65 billion more than it was on June 30, 1968. It was equivalent to $1,525 per family.
In some sections of the country, the debt level was much higher than in others. It was especially low in farm areas.
The amount of instalment debt in Rappahannock County, on the basis of the Federal Reserve report and other surveys, is estimated at $920 per family.
That is the mathematical average. Some families have no debt at all so that, among those that do, the average is somewhat higher.
The total amount of instalment debt carried by residents of Rappahannock County was approximately $1,287,000 at midyear
This includes the money they owed on personal loans and on home repair and modernization loans, as well as the debt they incurred for consumer goods bought on time. Not included are
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69.9%