Estimates indicate that more than 60 percent of the yearly retail² sales in the U.S. are credit transactions. About three-fourths of these credit sales are made on the installment plan. More than half of the automobiles³, furniture, and household appliances are purchased on the installment plan.

　　They have learned how mass production helps them to get the goods and services they want at a price they can afford to pay. But mass production is not possible except when people buy freely. Many families cannot pay cash for major items such as automobiles, furniture, and appliances.

　　Under the installment plan, however, these families are able to purchase without cash. The opportunity for consumers to buy now and to pay later has increased mass consumption of goods and services.

　　Some economists⁴ believe that selling goods and services to consumers on an installment plan is one of the major factors in making our high standard of living possible. They reason that installment selling increases the consumption of goods, which in turn increases production and thus tends to lower costs.

　　There are some people who argue that many families would never save enough to make major purchases, but when they purchase on the installment plan, they are obligated to pay the installments⁵ when they come due.

　　Of course, government officials, bankers, and businessmen express concern about excessive purchasing on the installment plan. If many people who owe money on installment contracts lost their jobs or had their incomes reduced, they would probably not be able to make their payments.

　　据估计,美国每年零售额的百分之六十以上都是赊购交易。这些赊购中大约有四分之三是用分期付款的方式进行的。有一半以上的人用分期付款的方式购买汽车、家具和家用电器。

　　他们懂得大规模生产真怎样帮助他们按能承受的价格购买他们所需要的商品和劳务。但是，只有当人们能够随意购买时，才可能进行大规模生产。许多家庭无力用现金购买像汽车、家具和家用电器这类的大宗商品。

　　然而，用分期付款的方式，这些家庭就能够不用现金购物。向顾客提供先购物后付款的机会，增加了商品和劳务的消费量。

　　一些经济学家认为，用分期付款的方式向客户销售商品和劳务是提高人们生活水平的一个重要因素。他们争辩说，分期付款销售促进商品消费，商品消费又促进生产，从而降低成本。

　　有些持不同意见的人争辩说，许多家庭决不可能存那么多的钱去购买大宗商品，可是，他们用分期付款的方式购物，就承担了到期付款的责任。

　　当然，政府官员、银行家及企业家对过度的分期付款购物表示担忧。如果许多签了分期付款合同而欠债的人丢了工作，或者收入减少，很可能会丧失支付能力