Globe-Gazette from Mason City, Iowa on December 16, 1964 · Page 20
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Globe-Gazette from Mason City, Iowa · Page 20

Mason City, Iowa
Issue Date:
Wednesday, December 16, 1964
Page 20
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2O D<c. n, m 1W4 Globe-Gazette, Mason City, la. Your credit limit depends on income Department stores rate you By JAMES H. WINCHESTER Central Press News Service CHICAGO, 111.— Department stores, the nation's largest granters of credit, usually have a limit, even if you don't know it, on the amount you can charge before your account is reviewed. It varies from store to-store, of course, but the gen eral limits related to income are $3,500 to $5,000—$75; $5,500 to $7,000—$150; $7,500 to $10, 000—$250; and more than $10,000 —$400. "Under normal circum stances," the National Retail Merchants Association advises its members, "the average fam ily with one breadwinner can obligate themselves for installment payments up to 12 per cent of their basic monthly pay, with one per cent deducted for each dependent." Taken into large consideration is the ratio that exists between income and expenses. A person with a monthly income of $500 and two dependents may be an acceptable risk for a limited amount. A person with the same income and five dependents would not be, under normal circumstances. Large banks and retailers, in general, deduct about $500 a year from family income for each dependent to determine credit potential. Thus, if you earned $8,000 n year, were married and had three children, your "credit income" would be only $0,000. Stability of income, though, counts more than the actual amount with credit raters. There are other formulas. Dr. Owen Bymers of the New York Stale College of Home Economics, says a family can check their own financial vulnerability by asking themselves these three questions: • Do you have less than $200 in cash (savings bonds, savings accounts) to meet emergencies? 9 Will it lake you more Ihnn a year to pay off your present installment debt? • Do your installments amount to more than 20 per cant of your income after taxes? "If you answer yes to all three questions, then you're carrying too much dcbl," says Dr. Uy- incrs. The type work you do does no_ provide a conclusive evaluation of your ability—or willingness— to pay your debts. Individual ex ceplions are so numerous thai judgments based on employment records alone are not enough But occupational differences compiled on records of past pay ment patterns, are often large enough to operate as a guide. If you're a business executive you're the best risk around, ac cording to several recent credit studies. One was made hy the University of Illinois. It house painters, truck and drivers and musicians on UK low sidr. Clerks and stcnogra phers arc regarded above col lego professors, retail store managers above public officials Lawyers and judges arc poor er payers on the average, they report, than railroad trainmen nurses and printers. The Na tinnal Retail Merchants Associ ation rates professional people armed services officers, finan cia) institution employes, Civi Service w n r k e r s, trainmen skilled factory workers, offlc workers, owner-farmers, sma retail proprietors, and pitbll utility job holders in that orde- after executives. They're loss enthusiastic aboo Insurance agent s, travclin salesmen, unskilled factor workers, nurses, building trad workers, tenant farmers, bar hers, waiters, tailors, beaut shop operators, bartenders, do mestics and entertainers, also that order. In general, if you're employed in seasonal industry, .such as construction work, or your earnings depend on commissions, tips or one-shot deals, you'll be viewed with caution, and have a harder time getting credit than if you are with a good firm and your job involves a skill and education. WSCS Christmas party planned at Plymouth church PLYMOUTH - The Women's Society of Christian Service at the Plymouth Methodist Church will have a potluck dinner at the church Wednesday at 1 'p. m. There will be no gift exchange. Each member has been asked to bring a gift of money for the Hillcrcst Baby Fold at Dubuque. Mrs. Lester Pcshak and Mrs. Roy Witt will have charge of the program. SADDLE CLUB PARTY ALT A VISTA — Mr. and Mrs. Melvin Johnson were hosts nt the annual Christmas dinner and party of the North Iowa Saddle Club. There was an exchange of gifts with 32 in attendance from Marble Rock, Nashua and Alia Vista. CHRISTMAS North Store: 612 Plymouth Road South Store: 1622 South Federal ** WE HAVE A BIG ASSORTMENT NABISCO SNACKS KONGO PITTED DATES IT'S BIODEGRADEABLE LIQUID CORAL NORTHERN ASSORTED COLORS FACIAL TISSUE NORTHERN'S WAXTEX SANDWICH BAGS NORTHERN'S WAXTEX WAXED PAPER WHITE OR ASSORTED COLORS NORTHERN TOWELS Hormel's Boneless Defatted FRESH ROLLED BOSTON BUTT BONELESS PORK ROAST » 39c Jf DECKER'S IOWANA LEAN TENDER BEEF £ CHUCK ROAST u, 49c juJ DECKER'S IOWANA LEAN TENDER BEEF World s First 5 CHUCK WAGON STEAKS * 59c Registered Ham ^ WILSON'S CERTIFIED Hormel Cure 81-. boneless, g BRAU NSCHWEIGER Lb. 39C smoked ham so nearly perfect TA HORMEL'S PURE PORK SAUSAGE «, 29c eacho ^;±: dually Whole or Half Lb. 89 PARTY TREAT LEAN c * SLICED BACON Lb 49c FREE-100 S&H GREEN STAMPS With Purchase Of 3 Pounds Or Over CANNED HAM Or CANNED PICNIC WHITE OR ASSORTED COLORS TOILET TISSUE NORTHERN *4iii. 4 ROLL PACK 29< Kraft's Holiday Favorite Marshmallow Creme Kobey's Shoestring Potatoes 100 Extra Stamps Free With Regular $6.22 Pen and Pencil Set We Have A Big Assortment For Men Yardley's Assorted Chocolates Brach's Candy Crest Pac Mixed Salted Nuts From KRAFT'S FAMOUS CREAM CHEESE PHILADELPHIA CREAM MONARCH STRAINED OR WHOLE SAUCE w w 2 8Oz. Pkg. 300 Cans DULANY SYRUP PACK OR VACUUM SWEET PO r FOLGER'S DRIP OR REGULAR GRIND COFFEE LB. CAN $, CREAM STYLE OR WHOLE KERNEL Festal 3-S1EVE EARLY JUNE Festal PEAS FESTAL CUT GREEN SPEARS ASPARAGUS MONARCH FANCY DICED FRUIT ri Get A Free Package Of Strawberry I-O GRADE "A" OVEN READY TOM TURKEYS LB. 100 Extra Trading Stamps WITH PURCHASE OF ANY OF THESE HKAUTIFUL VANGUARD HASSOCKS PLUS loo EXTRA STAMPS 161//\ 1614 "Square l»"Diamolcr Round REGULAR 87.09 VALUE CHOICE OF PERSIMMON OR BEIGE "LEATHERHIDE." C & H POWDERED OR C & II RROWN SUGAR . BLUE STAR CHERRY. APPLE, PEACH PIES FRESH FROZEN 2 ! / 2 Lb. Pkg. 4 35 22 Oz. Family Size HOLIDAY BRAND IN THE SHELL WALNUTS . 1 ILb. Pkg. m ^^ SPUNGOLD IN THE SHELL 49 C MIXED NUTS SOUTH AMERICAN GOLDEN RIPE BANANAS Ib. 0 FANCY SELECT SLICING FRESH CUCUMBERS 2 £r ISc CALIFORNIA CRISP PASCAL CELERY Large Stalk 19c FRESH PITTED CALIFORNIA DATES Bag Lb. 59cl 10 Oz. Cup 39c EXTRA FANCY DELICIOUS APPLES 6 LS T 33c FRESH RED RIPE TOMATOES TUBE QUART 29c BASKET sureoffhebesff

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