The development of (also known as "on time" payments) allowed average Canadian families to purchase expensive manufactured goods for the first time. Previously, only the wealthy could afford luxury items with cash, but the "magic of credit" made modern technologies accessible through small deposits followed by monthly payments.
: Families used credit to buy automobiles, radios, refrigerators, washing machines, and vacuum cleaners. buying on credit 1920s canada
: Before modern credit cards, shoppers opened credit accounts at specific retail stores, identifying themselves with numbered metal charge tokens. The development of (also known as "on time"
During the 1920s, buying on credit fundamentally reshaped the Canadian economy by introducing a "buy now, pay later" culture that fueled a decade of growth before contributing to the onset of the Great Depression. buying on credit 1920s canada