Discuss the pros and cons of installment buying for the american consumer

pros- they can purchase products by promising to pay small regular amounts of money over a period of time if they are unable to consumers ability to purchase something immediately and pay in full for it's cost.

cons- The consumers might default on their promise to make payment for a promised period of time. This would result in negative credit action or transferring collection of a debt to a collection agency.  If this happens they will be penalized with a money fine and interest and be harrassed and could have more money owed than they are supposed to.