It may seem a little early to start planning for the holidays but many stores such as Walmart, K-mart, Sears, Toys “R” Us and Marshalls are offering the layaway service! By using the layaway option, you can pay for your items in increments and pick it up from the store when you finish your last payment. This will help you minimize the amounts you charge to your credit cards and avoid racking up debt.
Although this is a great deal, there are a few conditions with this offering but they vary store-to-store. For example, many stores allow this option for free but some require a nominal layaway fee, usually less than $5. Check with your retailer and understand the terms of conditions before committing to the layaway service.
If you know of any other stores offering the layaway service, please comment below!
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The layaway option that stores are revisiting makes sense in these tough economic times. This process allows people to own the popular items without having to pay them off for years. Customers take home their new purchases with the satisfaction that they are not indebted to the store.
I just heard today that WalMart is bringing back their layaway option. This is something I can remember doing as a kid, but I haven’t seen it available in many of the popular stores in years. this is a clear indication of the economic situation that major brands who had once done away with this system are now bringing it back and heavily advertising its return.
I think this is a great way to keep out of debt in the holiday seasons. If you can stay on top of your payments this is the way to go. The biggest problem would be it is still a sort of debt which is never good. I dont think there is a way to eliminate that debt with the way this system is set up but the only other way would be to buy the product full price which defeats the whole point of layaway. Over all i think it is a strong concept that will help people in a tight spot.
I believe layaway is a great option for purchases, when necessary. It’s also a great option compared to using a credit card, which is money you don’t even have. However, layaway is still not as good as purchasing the item for the full amount, since layaway more often than not charges a fee for housing the items you want in their warehouse. Although it’s usually a very small fee, it’s still money that could have been saved, and used better elsewhere.
Burlington Coat Factory also offers a layaway plan. They require 20% down, with a $5 layaway fee. They require another 20% payment to be made 14 days after the first payment.
Layaway is a wonderful thing for people that do not have large amounts of cash now, but a steady income. With the holidays fast approaching, putting more expensive gifts on layaway and paying them off incrementally is a great way to avoid debt. Walmart is reopening their layaway program for the holiday season. This is a great way to attract new costumers in this down economy
Awesome! Thanks for letting us know that they offer it too. 🙂