Layaways Are Back For The Holidays
[ReviewAZON asin=”014026468X” display=”inlinepost”]Once upon a time, people didn’t buy things on a credit card. They put it on something called “Layaway”. Layaway was devised so people could get a product that they wanted and didn’t have to put all the cash down at one time. They would make several payments over a pre-determined amount of time and when they paid the product off, they could take it home. Credit cards changed all of that. With the credit card, you just slapped down the card and could take the item home with you. They didn’t care how long in took you to pay the item off because they make money each month that you don’t pay your credit card off in full. This is stupid and costs you more money in the long run. People loved this, though, and layaway went away. Now that the nation is in financial straits, you can now start laying away items again at the following stores. It is very important that you check with your local stores for the exact details of your layaway plan.
One of the highly anticipated Christmas layaway plans started up again this year at Walmart. It is only available on certain toys, electronics, and jewelry. Walmart requires a $5 service charge, plus 10% down on the total purchase price of the items and then you have from whenever you make the plan until December 16, 2011 to pay off the item. You will be responsible for how soon you have to pay the item and if it isn’t paid off by that date, you forfeit the item. Cancellation ($10) and service fees will apply, but the rest of the money will be returned to you. Check your store for details or go online at: http://www.walmart.com/cp/Layaway/1088466
Kmart has been one of the longest lasting layaway plans around. You shop in the store or can add it to your shopping cart online. A down payment and service fee apply and then you have 8 weeks to pay the remainder of the total. If the item is valued at $300 or more, Kmart gives you 12 weeks to complete the payment. If you cannot make the complete payment, Kmart returns your money to you minus the $5 or $10 service fee plus a cancellation fee. They have a seven day grace period before you go into default. You should always check the conditions of a layaway plan before signing up for one. You can find Kmart’s at: http://www.kmart.com/kmart-layaway/dap-100000000053509#tab4
This cell phone company has been having problems, so this year they have added a layaway plan to sell more phones. They realize that the price of cell phones might be a bit high for people. With their layaway, you pick the smartphone you want and make an upfront down payment. Then, you pay a set amount (between $5-$15 a month) until the phone is paid off. T-Mobile is also planning on lowering their monthly plans by $20. However, take note that AT&T has made a bid for the company and is waiting for the FCC to approve the sale. Check with you T-Mobile store or their web site for further details. (http://www.t-mobile.com/)
This electronic big box store jumped on the layaway bandwagon this year, too. Unfortunately, you can’t layaway items in every Best Buy store. Their plan is pretty simple. You find a store that will accept layaway from their web site (http://www.bestbuy.com/site/Layaway/BestBuy/pcmcat203100050023.c?id=pcmcat203100050023&DCMP=rdr0002207), You need to make a 25% initial payment on the product you want, plus a 5% non-refundable layaway fee. The items you choose to layaway must be $250 or more. Best Buy will issue you a Layaway Card where you can use to make the additional payments. You then have 8-12 weeks to pay off your item, making payments every 2 weeks. You can then take home the item that you want to buy. If you fail to make a payment, you will receive your money back, minus the layaway fee.
This company has been around since the 1800s and are known for their appliances. Their layaway plan lasts 8 weeks. When you pick an item to layaway, there is a service fee of $5 on the item. You need to put a downpayment on the product of $20 or 20% (whichever is greater). Then, you are required to make four more payments – every other week – until the item is paid off. If you fail to make the payments, they will charge you an additional $15 for their trouble. This way, if you find out you can’t make your payments, you are only out $20 total ($5 service fee and $15 cancellation fee). You can find out more about their layaway program here: http://www.sears.com/sears-layaway/dap-100000000168006#tab2