Comments on: Return of Layaway

By: financialqueen

financialqueen — Fri, 19 Dec 2008 18:19:48 +0000

I once bought a leather jacket on layaway in high school. I paid my mom $25 each paycheck from my after school job, and she wrote a check for the jacket. After a few months, it was mine. It was a great lesson in delayed gratification, and I remember it well.

By: HisMoney

HisMoney — Fri, 19 Dec 2008 03:10:38 +0000

Layaway is a good way for people to ’save’ without having to use as much willpower. It ends up being a bill to pay instead of money just sitting somewhere asking to be spent. Plus the fees usually are minimal in the grand scheme of things.

By: Mark

Mark — Fri, 19 Dec 2008 00:31:42 +0000

I don’t know why stores got rid of layaway. It si so much better than credit cards. Stores here just started offering it again.

By: jim

jim — Thu, 18 Dec 2008 22:57:18 +0000

With layaway, you secure the item so it can’t be purchased by someone else.

By: My Journey

My Journey — Thu, 18 Dec 2008 22:36:20 +0000

With banks like ING, why does layaway exist? Is it the psychological reliance on a bill every month vs. just putting that same $X into an ING high yield savings account?

By: My Journey

My Journey — Thu, 18 Dec 2008 22:36:20 +0000

With banks like ING, why does layaway exist? Is it the psychological reliance on a bill every month vs. just putting that same $X into an ING high yield savings account?

By: Aman

Aman — Thu, 18 Dec 2008 16:12:33 +0000

Layaway can be a great alternative when doing Christmas shopping in advance for a person that is going to be carrying a balance on a credit card normally.

You do your shopping early, put the items on layaway and slowly pay it off until Christmas comes, that way either the full balance of the item is paid off, OR you have less to charge onto your credit card and there for a smaller interest.

The only drawback with layaway is that items might be cheaper after you get them OR in the case of electronics, some items like a laptop may just be replaced with a newer model

By: Dave

Dave — Thu, 18 Dec 2008 15:38:47 +0000

I remember my mom used to do it when I was little. It has always seemed like a silly practice to me – why lay it away, why not just save your money and buy something when you can afford it. I also remember my mom used to do it at smaller “mom and pop” type stores, rather than big department stores like Sears. Perhaps they didn’t take credit cards??