What statement did the Sears store catalog make in 1910 about buying on credit?

The statement made by the Sears store catalog in 1910 claiming that "Buying on credit is folly" reflects the mindset and the economic principles of that time. It underscores a belief in financial prudence and responsibility, suggesting that incurring debt for purchases was not a wise decision. This perspective emphasizes the importance of living within one’s means and the potential pitfalls associated with accumulating debt, an idea that resonates with Dave Ramsey’s teachings on financial management.

During the early 20th century, credit was becoming more accessible, but many still viewed it with skepticism. This apprehension is captured in the catalog's statement, which aligns with the notion that relying on credit can lead to financial instability. Understanding this historical context helps illuminate the debate around credit and debt in modern times, continuing to be a relevant topic in personal finance discussions today.