Layaway makes a comeback
POSTED: Wednesday, October 22, 2008 - 6:33pm
UPDATED: Thursday, April 8, 2010 - 1:39am
TYLER - Another sign of an ailing economy: layaway is back at lots of retailers just in time for the Christmas shopping season, and it looks like lots of people are welcoming it.
Layaway was created back in the 1930's during the Great Depression, so a resurgence of putting items on layaway is a sign of the tough economic times.
Some stores are even preparing to advertise their layaway services.
Traditionally discount stores are the most likely to offer layaway, but you have to know the rules. For most stores you must put ten percent down on the item and then pay it off within a certain amount of time between 30 and 90 days usually.
Walmart and Target do not have layaway, but Kmart, Marshalls, and Burlington Coat Factory do.
If you're out shopping for holiday gifts or a purse you can't live without, shoppers say this is the way to go.
"Sometimes you see something you cannot afford from that time.. and you know in another two weeks when you get paid you can come and get it. And, it's great.
You have to check with each store for their layaway policies. Although most are similar, each one has a slight variance that will affect how long you have to pay off the item, how much you have to pay down, and what kind of items you are able to put on layaway.