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Sagot :
The way to pay off your debts in the 1920's was using the Installment Plan
What are debts?
An obligation to pay money or another agreed-upon value to a third party, the creditor, is known as a debt. Debt differs from an immediate purchase in that payments are deferred or made in installments.
A sovereign state or nation, a local government, a business, or an individual may be liable for the debt. Contractual provisions governing the sum and schedule of principal and interest repayments typically apply to commercial debt. Debt includes mortgages, bonds, notes, and loans. Debt, as opposed to equity, is a form of financial transaction in financial accounting..
The phrase can also be used metaphorically to refer to duties of a moral nature and other interactions without a monetary exchange. For instance, in Western societies, it is common to refer to someone who has been aided by another person as owing them a "debt of gratitude."
What are Installment Plan?
A sort of contract or arrangement known as an Installment Plan involves a loan that must be returned over time with a predetermined number of periodic instalments; typically, at least two payments are made.
The length of the loan can range from a few months to 30 years. One example of an Installment Plan is a mortgage loan.
Traditional consumer loans that are originated, serviced, and repaid over time by consistent principal and interest payments are the type of loans with which the term is most firmly associated.
These "installment loans" are typically regarded as secure and cost-effective substitutes for payday and title loans, as well as for open-ended credit products like credit cards.
The US Department of Defense recognized in its 2007 report, the need to safeguard access to advantageous installment credit while closing down less secure forms of credit by exempting installment loans from legislation intended to forbid predatory lending to military people and their families.
Hence, option A is the correct answer
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