| Buying gifts on Layaway used to be very popular | | | | certain percentage of the total. |
| years ago. Then it went away for a while, but | | | | Is there a down payment? In many places you |
| now it is making a comeback. Stores want | | | | have to make your first payment which is a |
| business and this is one small way to help | | | | percentage of your total amount. This could be 20 |
| themselves, their customers, and the economy. | | | | or 25% or maybe more (or less). |
| In years past you would go to your favorite big | | | | How often must you make payments? Normally |
| box store and see people pushing shopping carts | | | | this is every two weeks. |
| piled high with stuff. These people were heading | | | | How much must you pay if you decide you don't |
| to the Layaway Department. | | | | want the merchandise any more and want to |
| If you are not old enough to remember or know | | | | close your account? Some places charge $10. |
| about Layaway, this is how it works. | | | | What happens if you miss a payment? You may |
| If you buy something on credit, you get the | | | | have a grace period of a few days or weeks, but |
| merchandise immediately but have to pay off the | | | | after a certain amount of time, if you have not |
| balance in the future or over time. With credit | | | | paid, the merchandise will be put back on the |
| cards, if you don't pay it all off at once, you will | | | | shelves. |
| pay interest - which can add up. | | | | What happens if you can't pay the full required |
| If you use Layaway, you pay a little at a time | | | | payment? Some places require you to make the |
| and when everything is paid off, you get your | | | | balance of the payment before your due date. |
| merchandise. Now you don't pay interest on your | | | | What merchandise cannot be put on Layaway? |
| purchases, but you will probably pay a fee to set | | | | Not all things can be put on Layaway so make |
| up your account. You may also pay other fees | | | | sure you know what is or is not allowable. |
| like if you try and return something. | | | | These are basic things you need to know about |
| Every Layaway Plan is different, so before you | | | | Layaway. To play it safe it is best to get their |
| start a Layaway account you better be sure you | | | | terms and conditions in writing, but sometimes |
| understand what you are getting in for. Here are | | | | this is not possible. Another good thing to do is to |
| some questions you need to ask: | | | | get an exact listing of everything you are buying - |
| How long will the Layaway contract be for? | | | | just to make sure when you pick your stuff up it |
| Depending on the store or merchandise, many | | | | is the same stuff you originally picked out. |
| places have it set at 8 weeks. For more | | | | The bottom line is that Layaway can be quite |
| expensive things like jewelry, it may be months | | | | helpful in tough times like now. You just need to |
| or even a year | | | | make sure you are going in with "your eyes wide |
| What is the fee to open an account? In many | | | | open" so you don't get any unexpected surprises |
| places it is a nominal $5 or $10. | | | | which could cost you everything you intended on |
| How much will your payments be? Usually it is a | | | | buying. |