The Return of Layaway? You Betcha.
What: Could it be true? Layaway (when you put items on “hold” for a period of time and make payments toward the purchase of the item) is back.
What They Say: New York Daily News: “The old-fashioned purchase plan, which had its heyday in the ‘20s and ‘30s but dwindled in the days of easy credit, lets shoppers who can’t afford full price at checkout pay as they go. But instead of putting that toy or new coat on plastic and bringing it home, buyers leave items on hold at the store until they’re all paid up.”
What I Say: Yipee!! I have very fond memories of layaway (also called “Lay-By”), as it was the only way I was able to stock my closet full of Girbaud jeans back in the day. Now, with access to credit limited and bank accounts running empty, it makes sense that layaway makes a comeback. Also, layway is a lot less risky than issuing a credit card to the customer, as the entire value of the items aren’t lost if the customer doesn’t comeback for the items, but the entire amount owed on a credit card can be lost if the customer defaults.
Stores that have Layaway
Daffy’s
Marshalls
Sears
K-Mart
elayaway.com
Burlington Coat Factory
Wal-Mart (reports that it does/does not)
Photo/Art Credit: Anne Lee Arts
| Posted by The Budget Fashionista
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Member Comments
And don’t forget TJ Maxx
Isn’t this how we got into the problem in the first place? It’s kind of sad when people spend beyond their means, focusing on an expectation. It’s seems to take advantage of the less privileged. :)
http://www.cloudoutloud.tv/category/fashion/
@McCormack- I don’t look at layaway the same way as I look at credit cards. 1. Layway is usually limited to 30 to 60 days. 2. There’s no interest (but usually a fee of around $5). 3. It’s more of a cash follow management tool (businesses often products and then have 30 days to pay for it).
I think it’s a good way for parents, especially those with children, be able to afford school purchases without using a credit card
@chitownfashionista only some TJ Maxxs have layway and I heard that Filene’s Basement may bring it back as well
Now only if Nordstrom Rack would get layaway. I’d be ecstatic!
@chitownfashionista that might not be too far away
I completely disagree with the first comment. The reason why the American economy is in the shape it’s in is because Bush implanted the idea everyone should be homeowners and that’s just not the case. If you’re only making $45,000 annually, you don’t jump into a house costing $500,000. People took advantage of the system, it caused a ripple to other markets and this is the result.
I <b>LOVE</b> layaway and I think it’s a great idea overall. It allows people to do the same thing as a credit card, except they’re paying with their own money and not with borrowed money. All I need is Manolo Blahnik to jump on board and I’ll be happy.