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Borrowing HabitsPublished by: Auriemma Consulting Group Published: Jul. 27, 2008 - 18 Pages Table of Contents
AbstractThe 28th U.S. President, Woodrow Wilson, who led the U.S. into World War I, once said “I not only use all the brains that I have, but also all that I can borrow.” From time to time, in order to support a lifestyle and security that is meaningful to us, we borrow assets. In World War I, Wilson “borrowed” from the American people by raising billions in issuing Liberty Bonds.At the turn of the 1920’s, the country as a whole also manifested itself as a nation of borrowers. The lending industry became big business as companies used financing practices to grow, speculators borrowed money to prop up corporations, and consumers borrowed to get a brand new General Motors vehicle. Lending helped to facilitate the growth of the U.S. economy, where by the end of the 1920’s, 90% of major durable goods were purchased on installment. While only major purchases were made on installment, today, consumers rely on borrowing to finance their day-to-day expenses and maintain their lifestyles during a period of economic difficulty. This report we focus on consumers’ borrowing habits, so that we can get an idea of the current mindset of the borrower. More recently, the credit crunch has caused concern that the borrower will change loan preferences and repayment habits. In this report, we look into the way people use their borrowed money, what they look for as they take out loans, and how they repay them. Get Full Details About This Report >> |
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