Show Consumer Debt Each 1410 1410 Each SPECIAL TO THE CLIPPER In Davis County how big a arole arole arole role does installment credit play in consumer spending for goods and services How much of a debt load are local families families families fam fam- carrying at the present time LOCALLY and in other parts of the country there has been beena a steady increase in installment installment installment install install- ment credit The amount of money outstanding on purchases purchases purchases pur pur- chases of automobiles and other consumer goods is at a higher level than ever Most credit executives feel that the public has the situation situation situation situa situa- tion well in hand They point out that rising incomes and steady employment justify the bigger debt THOSE WHO express doubts are fearful of what would happen happen happen hap hap- pen if the economic expansion that has been in progress for forso forso forso so long a time were halted for an extended period Continuing studies by the Federal Reserve Board the Department of Commerce and others indicate that the average average average ave ave- rage amount of installment debt per family in the United States as of midyear was over one- one seventh of its net income after taxes IN DAVIS County based on the national studies and of local income and spending figures the amount outstanding ing was estimated at 1410 per family That was the overall aver aver- age Some families owe much more than this and others owe little or nothing OVER 40 percent of it consisted consisted consisted con con- of automobile loans The rest was for other installment credit covering consumer goods personal loans and home repair repair repair re re- re- re pair and modernization loans Not included were mortgage debt charge accounts and single payment loans For the population of Davis County as a whole the amount of installment debt outstanding outstanding outstanding ing added up to approximately TO MEET the regular repayments repayments repayments re re- re- re payments on this debt takes nearly 15 percent of the net disposable income locally or about per month per fam fam- ily I In general it is found people take their financial obligations seriously and do not go overboard Few of them borrow to buy expensive luxuries luxuries luxuries lux lux- uries or to finance vacations ON THE other hand a large percentage of them will borrow borrow borrow bor bor- row for educational purposes I or to buy a car or to purchase I furniture and the like I |