Nov 15 2009 - 5:30am Stores like Kmart, Sears, and Toys "R" Us are bringing back layaway programs. This service lets customers pay a small down payment, and then holds goods until the entire price is paid off. Big-ticket items, such as electronics, are increasingly being paid for through layaway programs, especially since shoppers are reluctant to rack up more debt on their credit cards.
I have used it, but I do NOT think it's a good alternative to credit cards. There's still usually a type of interest plan involved, you can lose both what you're trying to buy and the money
invested, and it still contributes to consumer overspending/overreaching. If you can use layaway, you can easily just save the money until you have enough to buy whatever it is you're buying.
I've never used it. I do have one store card (Best Buy) that I use to make large purchases, but I'm really good about paying it off before the interest kicks in.
My mom used to use this for everyone's Christmas gifts, but now there isn't a KMART within hours from where I live, and it seems to be the only place with layaway anymore. *cough*stupid
walmart*cough*
I disagree with Magic to a degree. I use to work retail and most people who do layaway don't just go crazy and put all types of big ticket items in layaway. There are people who put Christmas
gifts in layaway so they are not in their house, so their love ones won't find them while others it's a piece of mind to get everything and make payments on them (instead of last minute
shopping). There are some people who do go crazy but in my experience there are more rational reasons that people do layaway.
I also think a lot of people do layaway for events (i.e. Easter clothing, back to school clothes, Holidays; etc). Most layaway departments see the increases during these types of events.
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I have used it, but I do NOT think it's a good alternative to credit cards. There's still usually a type of interest plan involved, you can lose both what you're trying to buy and the money invested, and it still contributes to consumer overspending/overreaching. If you can use layaway, you can easily just save the money until you have enough to buy whatever it is you're buying.
1I've never used it. I do have one store card (Best Buy) that I use to make large purchases, but I'm really good about paying it off before the interest kicks in.
2My mom always used when I was little, especially before Christmas time.
3My mom used to use this for everyone's Christmas gifts, but now there isn't a KMART within hours from where I live, and it seems to be the only place with layaway anymore. *cough*stupid walmart*cough*
4I disagree with Magic to a degree. I use to work retail and most people who do layaway don't just go crazy and put all types of big ticket items in layaway. There are people who put Christmas gifts in layaway so they are not in their house, so their love ones won't find them while others it's a piece of mind to get everything and make payments on them (instead of last minute shopping). There are some people who do go crazy but in my experience there are more rational reasons that people do layaway.
I also think a lot of people do layaway for events (i.e. Easter clothing, back to school clothes, Holidays; etc). Most layaway departments see the increases during these types of events.
5Personally, I would never buy something I couldn't pay for out of pocket, unless it a major life purchase like a house.
6My Mom used to put things on lay-a-way when I was little but stores stopped offering it... Now it seems it has returned.
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