Federal Reserve Tightens Consumer Credit Rules
The Federal Reserve Board ordered a sharp tightening of consumer credit terms effective Monday. Payoff limits on autos drop from 21 to 14 months with a 33 percent cash down payment. television sets radios and major appliances see down payments rise from 15 to 25 percent and payoff terms from 18 to 15 months. furniture down payment rises from 10 to 15 percent and payoff from 18 to 15 months. Down payment and payoff limits apply to items costing $50 or more, with loans for these articles bound to the same limits. Other goods retain lower than wartime maximums. Appliances affected include refrigerators freezers phonographs stoves ranges dishwashers ironers washing machines clothes dryers sewing machines vacuum cleaners air conditioners and dehumidifiers.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Board
Consumer Credit
Inflation pressures push rapid credit controls and rates
The article notes a 10 percent down payment rule for certain home improvement credits and a 30 month payoff limit. Reserve Board Chairman Thomas B. McCabe cites nationwide reports of ongoing price pressures since September. The board hints at possible further actions, including higher reserve requirements to freeze bank funds, while detailing veteran and non veteran mortgage down payment ranges and a historic postage rate from Boston to New York.
MENTIONED IN THIS ARTICLE
Reserve Board
Thomas B. McCabe
Diverter Lamp may aid motorists in lowering glare
Maryland DMV officials say Baltimore inventor Charles Adler has developed a diverter lamp that automatically activates with down beam headlights to cast a bright abaft light along the right edge of the road. The device, tested by the DMV and praised by Automobile Club of Maryland, aims to reduce glare from oncoming traffic and improve safety for drivers on the right side.
MENTIONED IN THIS ARTICLE
Baltimore
Maryland Department of Motor Vehicles
Charles Acherdr
Adler
Department of Motor Vehicles
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