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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
Burlington Coat Factory
Wal-Mart (reports that it does/does not)
Photo/Art Credit: Anne Lee Arts