Layaway was a rite of passage for many of our families back in the day. A South Florida writer recently wrote about the resurgence of the retail service. Today’s credit crisis makes it harder for people to use their credit cards to purchase items;however, layaway allows people to pay for an item over time. It’s easier on the wallet than a credit card but still has fees.
Have you ever used layaway? Will you use it this holiday season? What do you think about it?
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{ 8 comments… read them below or add one }
I have never used layaway personally but it’s a nice service to have available.
For me, I’m afraid that I’d put more on layaway than I can afford! Yeah, I’m that bad! heh.
But if you have the dicipline to just lay away what you need, and manage to pick stuff that won’t go on sale, go for it!
I haven’t used layaway since jr high or so but I’m glad they brought it back. Maybe more people will get into the habit of buying things once they have the funds vs using credit.
If I had to put something on layaway, it would mean I didn’t have the money for it.
Which should tell me something.
Unless Goodwill offers layaway, I won’t be using it.
-Katy Wolk-Stanley
“Use it up, wear it out, make it do or do without.”
http://thenonconsumeradvocate.wordpress.com
Jr High was the last time I used layaway too! I think it was probably an OK idea before credit cards became a way of life. But now, if you’re using layaway because you can’t get a credit card or yours are maxed – you’re only making a bad situation worse.
I LOVE layaway.
The fees are minimum, and it allows me to pay over time, plus, for some purchases, it gives me somewhere to store the items…i.e. Christmas gifts. My apt is teeny!!!
Also, lots of stores that have layaway, if the item goes on sale while on layaway, you still get the sale price, sometimes making your buyout cheaper and quicker.
Ex:
I put a 9 piece Thomasville bedroom suite on layaway. The cost after taxes and fees was 2148.00.
I had an option of and 8 month or 12 month plan.
The 8 month meant payments of 268.50. the 12 month meant 179.00. I choose the 8 month plan and will have the bedroom suit in time for my birthday.
If I would have put it on my credit card, which I could have done, it would have been 2148.00 at an interest rate of 9% for however long it took me to pay it out.
With layaway, you pay for your item, and when you are finished paying for it, you get it, and it’s a done deal.
When buying linens I tend to buy in bulk ‘ie’ 7 sheet sets, 10 bath, hand and face towels etc. Layaway allows me to have these items completely paid for when I bring them home. I am over the moon that layaway is making a comeback. Furniture stores will not tell you so but most of them will allow you to make payments on what ever it is that you want for up to three months ala layaway. Thus you avoid finance charges and you bring home items that are paid in full!
I have used Lay-a-way back in the day. I was thinking about it recently, so it is funny to find your post. I think Lay-a-way was a really nice idea. It enabled you to shop without using a credit card AND to keep your purchases hid until Christmas. Double bonus