What the Singer Sewing Machine teaches us about student loan repayment
The Singer Sewing Machine Company is credited – that’s the right word – with popularizing the idea of the installment plan. Starting in 1856, a customer could buy a sewing machine for a very modest down payment and a rather lengthy commitment to further payments. Isaac Singer copied the idea from a piano company, but he turned it into a model of aggressive marketing to the average household. His “dollar down, dollar a week” slogan launched the era of consumer credit on a mass scale, and helped to marry mass production of durable goods to middle-class household economy. The idea spread quickly. By early in the 20th century, people could buy “washing machines, refrigerators, phonographs and radios” on the installment plan. The idea faced some resistance too.