Debt

Abstract

Abstract This entry sketches the development of consumer debt and lending in the United States and other consumer societies since the late nineteenth century. It argues that consumer debt has become increasingly central to modern consumer economies, as consumer financing allowed for increased access to consumer goods at the cost of a precarious and at times financially restricting consumer lifestyle. This phenomenon has been particularly prominent in the United States, where the availability of credit has allowed consumers to partially compensate for a comparatively underdeveloped welfare state. Across modern consumer societies, however, growing consumer indebtedness raises questions about the sustainability of mass consumption economies.