More stores are offering layaway this holiday season, according to CreditCards.com. It’s a response from consumers working to reduce debt and shop for the holidays without using plastic. While layaway is an old idea, some younger consumers may not be familiar with how it works. Basically layaway is a system of paying for an item without using debt or racking up interest. When you find an item you like, the store will set it aside for you when you make a down payment. Then you make manageable payments for the item or items and once you’ve paid for it in full you can take the item home.
Toys R Us is one the latest retailers to offer a layaway program. The store requires a deposit equal to 20 percent of the purchase price, including taxes, as well as a $10 service charge. Customers are allowed to make additional payments at any time and as often as they like. Here are other stores offering layaway programs this holiday season:
Kmart: Kmart now offers there layaway plan online. You just pick out the items you want, pay for it over an eight week period and then schedule to pick up your items in the store.
Sears: The Sears layaway plan is just like the Kmart layaway policy. You can select items on the Sears website and set them aside with a $15 or 20 percent down payment.
Burlington Coat Factory: The layaway policy at Burlington Coat Factory requires a 20 percent deposit and you must pay for your item over a 60 day period.
TJMaxx- TJMaxx has an in-store layaway plan, but the terms may vary according to which store you are shopping in.
eLayaway: The eLayaway website lets you shop at over 1000 online retailers or in the eLayaway mall. You can select your items and set up a payment plan.