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What Do You Think of Layaway?

November 11th, 2009 at 09:45 am

I have never done layaway. I have a friend who has used the service frequently over the years. When we were 16, she used layaway to pay for a leather jacket she wanted.

This is the same friend who recently choose to take out a 401K loan! And she is using layaway for holiday gifts this year. Her tweens are getting small tvs and dvd players for their rooms! Ugh.

It seems layaway is used instead of credit cards, right? So that one can pay over time to make a larger purchase. I don't think there are fees involved. Correct me if I am wrong.

Let's just say I'm not a big fan of layaway. I feel you should save your money over time to make large purchases, especially holiday gifts. Christmas arrives the same time every year!!

What do you think of layaway?

8 Responses to “What Do You Think of Layaway?”

  1. Caoineag Says:

    I think that's how we afforded all big purchases when I was a child but I also grew up in a house that never saved up for anything. I think its better than credit cards due to the no fees but still a sign that someone is stretching more than they should.

  2. frugaltexan75 Says:

    I agree that layaway is better than adding to an existing balance on a credit card ... but I also agree that if you're having to use layaway, then you may need to take a hard look at your finances.

  3. M E 2 Says:

    " " " I agree that layaway is better than adding to an existing balance on a credit card ... but I also agree that if you're having to use layaway, then you may need to take a hard look at your finances. " " "



    The two aren't always mutually exclusive.


    Perhaps the items is at a rock bottom price and/or if one waits until they have saved the money, the item will no longer be readily available. That does happen around this time of year especially.








  4. Petunia Says:

    It can be a good teaching tool. . .

    My sister told me a story this summer of putting a coat (that my parents wouldn't buy for her) on layaway as a teen. She worked hard, paid it off. . . and discovered that the coat wasn't very warm.

    I'm not sure it taught her much about the use of credit, but I think she learned about thinking through a purchase.

  5. frugaltexan75 Says:

    Me2,

    That's true, they may not always be mutually exclusive.

  6. CouponAddict Says:

    I would not use Layaway unless it was a no fee, no fine if canceled but I used to work at Wal-Mart back when they had layaway.

    There were some people who would put stuff like toothpaste and deodarant on layaway 10% down then cancel the next week for a full refund of there payment to put something else on. They wanted to shop but had limited money. Also if someone wanted to think about that great deal without having to worry that it would be sold out if they did not buy it right then.

    Another thing I noticed is that it was nice for Parents; someone could come in put something on layaway while the child was distracted with daddy or mommy and the next week you could pick it up and it would be all boxed up so noone would know what was bought.

  7. monkeymama Says:

    I really don't know anything about layaway, but can't say I really see the point. It just goes against my grain to purchase something I don't have the money for - no matter what the reason.

    I am also probably rather clueless about the practice because our parents never used it?

  8. creditcardfree Says:

    I don't know much about it either, monkeymama. And my parents never did used it either. I think it was developed prior to credit cards or at least department store type cards.

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