This statement is true.
Installment Plan ( also called Installment credit or hire-purchase Plan) is a credit (amount of money) granted on condition of its repayments at regular intervals (installments) over a specific period in time, until paid back in full.
The Installment Plan enables people to buy goods without having to put down very much money at the time of purchase. Today, most durable goods such as cars and large home appliances are bought that way. There is no need to save money in advanced which is of great importance today as much families in the United States do not have any savings at all.
The economy of the United States relies on Installment Plans for its growth. Without spending there is no economical growth and no competition, this affects negatively the demand and the supply.
