The layaway program is making a comeback at many retail stores as credit is tightened and budgets are squeezed. Walmart, Toys ?R? Us, Sears, Kmart and Best Buy are just some of the brands offering consumers a way to space out their payments in the current climate of economic insecurity.
Layaway usually requires people to make a down payment of 10-25% of the total item cost plus a service fee, then the remaining interest-free payments are spaced out over a number of weeks. Once the final payment has been made, the product can be picked up from the store.
Large retailers are providing a solution for both low-income consumers who lack the money to make big purchases, and also middle-income earners worried about the economy and job security. Walmart, who suspended its layaway program about five years ago due to the range of credit-financing options available to consumers, have brought it back this Christmas. The company?s chief merchandising officer, Duncan MacNaughton, said:
We?re always looking for ways to ease budget strain for our customers, and we know this holiday season in particular brings with it additional financial pressure.
Other retailers such as Kmart and its parent company, Sears, have offered year-round layaway options both in-store and online for a wide variety of items including toys, electronics, appliances, furniture and clothes.
Walmart Christmas Layaway
Photo by Liz Martin
Source: http://www.psfk.com/2011/11/big-brands-bring-back-layaway-finance-option.html
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