Credit_in_the_Thirteen_Colonies
The Thirteen Colonies made wide use of credit. Credit was used for domestic and overseas goods, as well as a method of repayment.[1] Credit allowed colonists to defer their payments for goods and services until a later time, which was a more favourable payment option than cash or barter. Institutions accepted credit despite its risks, including that of the inability of a debtor to repay.
This article relies largely or entirely on a single source. (August 2011) |