Many years ago layaway shopping was a common occurrence. Families would purchase an item and make payments towards the item over several weeks or months until the item was fully paid for. In recent years, many stores dropped layaway shopping and turned towards offering store credit cards or requiring payment in full at the time of purchase. With personal debt burdens at an all time high, the return of layaway shopping couldn’t have come at a better time.
The Rules Of Layaway Shopping
Layaway shopping can be a great tool for anyone looking to purchase big ticket items without getting themselves into more debt by using a credit card. However, there are some rules to follow and each store offers their own restrictions when it comes to layaway.
- When purchasing an item through layaway it is important to find out amount or percentage is required for a down payment. Many stores require a 10 percent down payment at the time of purchase for the item on layaway.
- The payment schedule may also vary by store, some requiring weekly or bi-weekly payments. Setting up an automatic draft payment schedule can ensure you don’t miss a payment.
- Find out if there are any cancellation or no-show penalties, as many stores will charge you fees for missing a payments, cancelling the layaway or failing to pick up your item at the end of the payment schedule.