Using Layaway to Shop on a Budget

Layaway programs are starting to make a huge comeback with consumers. Given the current economic woes, many families have had to change the ways they spend money. Individuals who were previously able to go out and purchase the things they wanted by flashing a small plastic card are sticking to a budget and no longer buying unnecessary items. Consumers living on limited incomes are using more traditional ways to obtain the items they can no longer purchase straight out. 


While many individuals would rather receive the items they have decided to purchase right away, there are some benefits to using layaway plans. Unlike with credit card purchases, consumers who utilize layaway plans are not charged high interest rates on purchases. In addition, the goods are not received until paid in full, which eliminates the buyer's being stuck paying for an item years after it has been worn out. Consumers are also able to take advantage of discounted prices. Retailers' prices are subject to increases at any time. During a sale, a layaway plan allows the buyer to secure an item at its discounted price, even though he or she does not have all the money right then. The most important benefit is that missed payments do not negatively impact the consumer's credit.

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