Answer:
Installment sales and credit card sales are quite similar. Both are forms of credit that provide ways for goods to be delivered and the payment for the goods to be postponed to a later date. Although, there are two major differences between installments and credit card sales: time to repay and collateral. While a credit card sale is a short-term payment option, an installment sale is generally stretched over many years.
Explanation:
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Installment sales and credit sales are quite similar. Each is a form of credit that provides a way for goods to be delivered and the payment for the goods to be deferred to a later date.
However, there are two key differences between installment and credit sales:
During the 1920s many Americans bought high-cost items, such as refrigerators and cars, on the installment plan, under which they would make a small down payment and pay the rest in monthly installments. Some buyers reached a point where paying off their debts forced them to reduce other purchases.
To learn more about installment plan and credit cards, refer
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