Would you rather put holiday spending on your credit card or pay for it through a layaway program? Many Americans are opting for the latter, helping retrench these time-honored payment plans.
Walmart, Sears, Best Buy and TJ Maxx are just a few of the major merchants now offering layaway. In fact, Toys 'R Us has expanded its layaway program to include most toys, rather than just the big-ticket items.
Layaway nearly vanished before the recession, as credit card use grew in prominence. Stores preferred we swipe away because it was easier than handling all that paperwork. But with consumers leery of facing too much holiday debt -- and threatening to spend less this year in stores -- retailers began using layaway as a means of luring us back.
While this all sounds well and good, there are problems related to such programs. Here are a few "Do's" and "Don'ts" you should consider before making the leap.
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Do Halloween expenses send a shiver through your spine? When you hear the words “trick or treat” do you want to retreat? Want to give your wallet a much needed break on October 31st?
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