[MrGunjMan_]

I guess that it's for people who don't have good credit and/or have trouble saving for large purchases.

It has never made sense to me either.

[Voliscietle]

Originally posted by asleepathewheel
Layaway
Pay day lending
The Lottery
Rent-to-Own


Ticket to the good life. All of those suck as well.

[TouccuraLar]

Layaway was a big thing. Then a lot of people went the instant gratification, credit card route. I'm glad to see layaway making a return.

[LarryRda]

Originally posted by SlowwHand
Layaway was a big thing. Then a lot of people went the instant gratification, credit card route. I'm glad to see layaway making a return. I remember W T Grants, Mammoth Mart, JJ Newberry and F W Woolworth all offered this back in late 60's and early 70's

[StitsVobsaith]

Layaway = Paying a company a fee to hold your money interest free which they invest and earn interest on so you can buy their product.

What a scam.

[Wachearex]

Originally posted by Deity Dude
Layaway = Paying a company a fee to hold your money interest free which they invest and earn interest on so you can buy their product.

What a scam. But the company is also holding onto merchandise they cannot turn an immediate profit on.

So both sides win, maybe the company allowing the layaway does, but not like anyones making people do this, it is just an option

Gramps

[Zarekylin75]

If it weren't for stupid people a lot less money would circulate in the economy.

[TobaccoNUE]

Originally posted by Asher
Yes, the economy relies on people like you. If you only knew.

[shihoodiacarf]

Holding an item that you have already sold is only an additional expense if you don't have room for it. I doubt layaway ever caused Kmart to rent an additional warehouse or a clothing retailer to lease more space because of 20 or 30 coats on layaway.

[Lunims]

I didn't say use a credit card. My point is that if you are gonna prepay for something pay yourself in your own bank account and earn money as opposed to paying a retailer to hold your money.

It's like when people are happy they got an Income TAx return. All that means is you allowed the government to hold your money for you interest free as opposed to you holding it in your bank account with interest. THe only difference is you don't pay the government a service charge to hold your money.

[downtowndude]

Originally posted by Deity Dude
Holding an item that you have already sold is only an additional expense if you don't have room for it. I doubt layaway ever caused Kmart to rent an additional warehouse or a clothing retailer to lease more space because of 20 or 30 coats on layaway. The retailer doesn't have to hold it. They only have to have it when the account is paid.

[MichaelfromSpace]

Originally posted by KrazyHorse


Usually the retailer doesn't have to increase their inventory. They have enough of the item in inventory to be able to complete the transaction without having to incur additional costs. your missing my point, it doesnt matter if you have purchased one or a hundred and one, you still are not getting the money until the item is paid for

Gramps

[objennasweene]

Originally posted by KrazyHorse


I would explain it to you, but every time I've done that recently I've ended up putting somebody on ignore.

No skin off my nutsack

[juspimoubbodo]

I remember when Wiggy at least pretended to be a real person.

[furillo]

The only reason Layaway is logical is if you are taking advantage of a sale that is superior to your interest+layaway fees (which is not impossible). Otherwise it makes little sense, unless you have no self-control (which many people don't have, sadly).

[Deseassaugs]

Originally posted by asleepathewheel
Layaway
Pay day lending
The Lottery
Rent-to-Own


Ticket to the good life. I imagine the stores like layaway because I assume if the person misses a payment the item goes back on the self and the store gets to keep the money. From a retailer's perspective I can see why they'd want to promote it but from a buyer's perspective it's junk just like buying stuff on a credit card if you don't pay the balance off each month.

[Unlopssesuj]

How does it work then and does it vary from store to store or state to state? Do people get back their money minus the fee? Are there late fees?

I've honestly never used lay away before.

[Katoabralia]

Wikipedia seems to back me up.

[VUzgOhgv]

Yeah, I pretty much thought it was only useful for a few weeks before you were going to give a gift to someone.

JM

[Prealiitellg]

my parents bought my brother's Commodore 64 in the 80's with Layaway. My (actually my brother's) first home computer. .

When you are poor and don't have credit, that's all there is. But layaway is mostly for people who can't save money. Although I don't recall my mother having much trouble saving money (she does it well now), but we were dirt poor back then.

So don't knock it. I know it's easy to look down on people. But most people aren't as lucky as us and have poor impulse control. Layaway is helpful to people who can't save and blow their money on stupid stuff like drugs, alcohol, smokes, and gambling (the latter pays my paycheck ).