When it comes to the history of consumer credit, hire purchase is a significant milestone. This payment method allows customers to purchase goods by paying for them in installments over a period of time. But do you know what the first manufactured item to be sold on hire purchase was?

The answer to that question is the Singer sewing machine. In the late 19th century, the Singer Sewing Machine Company revolutionized the way people could purchase their sewing machines by offering them on hire purchase. This allowed customers to buy a sewing machine and pay for it in installments rather than having to pay the full price upfront.

This move by Singer not only made sewing machines more accessible to a wider range of customers but also set the stage for the development of hire purchase as a popular payment method for a variety of consumer goods.

If you're interested in learning more about the history of hire purchase and its impact on consumer credit, there are plenty of resources available online. Websites like FTC.gov and Investopedia offer detailed information on the topic.

Overall, the sale of Singer sewing machines on hire purchase marked a turning point in the way people could purchase goods, paving the way for the development of consumer credit as we know it today. It's fascinating to think about how this small change in payment method had such a significant impact on the way we shop and buy goods.

So, the next time you're using a hire purchase agreement to buy something, take a moment to think about the humble Singer sewing machine and how it helped shape the way we shop and pay for goods today.

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