Monday, November 29, 2010
Layaway is back...or never left
Max Jarman, AZ Republic, Nov 26, 2010, says the old system of layaway—select an item and pay a little each week until it’s yours—is coming back in popularity.
People want to pay cash. They want items to mean something.
K-Mart has always had it. Now so does Toys R Us, some others. Target and Walmart do not offer layaway.
Added bonus—Items are at the store, not where sneaky-petes can find them in the closet at home.
Surveys show people may spend a little over 2% more this year than last. Twenty percent more of them will use debit cards.
For layaway, most stores require a fee, a down payment, and payment of the item in 90days or less.
Some of these, such as Sears monthly payment plan, 48 installments, 13% interest, don’t sound like layaway to me.
My mother had her own form of layaway. She would cut out a picture of say, a new coat we were getting, attach play money for the amount we could spend, wrap that, and then when the after Christmas sales came, we could go and pick out a coat.
I always thought she forgot to shop. But hey, it makes a funny memory. Sort of.