Americans' attitudes toward debt flipped after WWI, doubling household debt over the 1920s as installment credit (e.g., GMAC financing cars sold on novelty rather than need) gave rise to modern consumer culture where people bought because they could get credit, not because they had money.

factualpending

Speaker

Eric Rauchway

Evidence Quote

you had a doubling of household debt uh after World War I

Source

Eric Rauchway on the Great Depression and the New Deal 12/01/2008EconTalk
Created: 6/17/2026, 10:09:28 AM

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