What was the major financial difference between post-World War II borrowers and borrowers after 1970

After the second world war, the world underwent a period of economic growth especially in the United States. The government was spending massive amounts on the economy and companies were investing to take advantage of an economy with very high consumption.

This led to higher paying jobs for citizens who were able to borrow money knowing that they had the capacity to pay back.

This changed after 1970 because the jobs became less lucrative than before. People however kept borrowing even though they could not afford it as much leading to a general rise in consumer debt.

Martebi Martebi · Answer 2 · 2022-01-14T12:10:01+01:00

The Great Depression have an effect on the credit industry. The major financial difference between post-World War II borrowers and borrowers after 1970 is that;

Borrowers post WWII were known to have borrowed in the midst of prosperity. Financial institutions were known to also lent more money and borrowers paid it back.

Borrowers after 1970 still borrow as their parents had done, but they did not have to postwar period's well paying jobs and as such did not all pay back.

During the Great Depression of the 1930s, a lot of banks did folded up and there was a lot of robbing of millions of Americans people of their savings.

Savings in banks then were said to be never insured, and as a result of this, more people and businesses tried to withdraw their funds fast as banking crisis grew up.

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