TBO.com - TBO is Tampa Bay Online

Layaway, The Shopper's Friend, Still Offers Holiday Help

ADVERTISEMENT

The Tampa Tribune

Published: November 9, 2007

For shoppers without credit or those who don't want to load up their credit cards with big-ticket items during the holidays, their old friend layaway remains a financing option.

Wal-Mart abandoned the service a year ago but chains such as Kmart and TJ Maxx still offer the installment payment programs. These companies say they have no plans to get rid of a financial option many shoppers consider essential.

•Each store handles layaway differently, but the basics are similar. A person pays a small fee and 10 to 20 percent of the total purchase price. The balance then must be paid with 30 to 90 days, and the store keeps the purchased products until completely paid.

• Layaway items tend to be larger-ticket items many customers can't afford in one trip, with video game systems, furniture sets and high definition TVs among the most likely items put on layaway.

•Wal-Mart says it ended layaway because demand had waned significantly. Ease of obtaining credit cards likely contributed to that, but that access to credit contains enormous risks.

•Shoppers should try to plan and budget to make holiday spending more manageable.

Business, Page 1

Share this:

Loading Comments...

Email Print

ADVERTISEMENT