Even when the chips (blue stock and all) are down, today’s retailer finds a way to make shopping enticing, fun, and still an option! Holiday shoppers are being an offered a trip down memory lane as stores such as Kmart, Wal-Mart, Nike, and other big chains are offering Layaway as a means to buy what you want without running up more debt.
Layaway differs from a credit card in that you select the items you want, you pay in installments over a period of time, but you can’t have your “stuff” until you pay off the total balance. The buyer typically makes a down payment of 10% - 20% of the total price and may pay a one time service fee. This is great for the consumer as it serves as an incentive to buy what one can afford, pay it all off, and NOT run up those credit card bills – especially at the holiday season.
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