Even when the chips (blue stock and all) are down, today’s retailer finds a way to make shopping enticing, fun, and
still an option!
Holiday shoppers are being an offered a trip down memory lane as stores such as Kmart, Wal-Mart, Nike, and other big chains are offering Layaway as a means to buy what you want without running up more debt.
Layaway differs from a credit card in that you select the items you want, you pay in installments over a period of time, but you can’t have your “stuff” until you pay off the total balance. The buyer typically makes a down payment of 10% - 20% of the total price and may pay a one time service fee. This is great for the consumer as it serves as an incentive to buy what one can afford, pay it all off, and NOT run up those credit card bills – especially at the holiday season. Layaway rarely if ever requires a credit check and does not impact your credit rating nor is it reported on your credit report.
But wait . . .there’s more! With more than $150 billion (yes with a “B”) being spent online by consumers, it’s only logical that we see the emergence of online layaway! Visit www.elayaway.com and you’ll see a web-based layaway program that allows customers to shop online for specific retail items OR to find merchants who accept online layaway and the concept is the same – it’s just virtual! Simple requirements of eLayaway are you must use your bank card (no credit cards accepted), pay 1.9% of total cost (which includes s/h) for the layaway service, and make payments once a month. Their refund and cancellation policies are simple and to date, they have honored those promises as noted by their BBB Accreditation and A- Rating.
So if you are considering layaway for managing your holiday dream fulfillment, here are a few things to consider:
- Maryland Layaway Sales Act requires a merchant to give you a written agreement, spelling out your rights/obligations and failure to do so results in your right to a full refund.
- You have a 15-day grace period in which to make a payment after one is due – and that’s Maryland law!
- Be sure you get in writing:
· How much per payment due, when it is due, and penalties/fees if payment is not on time;
· How much is required to put down to initiate the plan and the service/storage plan fee and if the fee is one-time;
· What happens if a payment is missed, cancelled or a request for refund is made; and
· What happens if the item goes on sale after it is put on layaway?
Be realistic about what you can afford and I saw a great piece of advice for those who actually go in to the store to make the payment – use the direct in-out method. Walk into the store directly to the payment counter, make that payment and walk out immediately! Don’t browse, don’t do anything or that budget is busted! And I hate to say it, but I found the best piece of advice at www.aminstreet.com – simply get a savings account! A smarter way to handle big purchases where you pay no fees, you may earn a bit of interest, and when you have enough to buy what you want – you do!!!!
As the holiday season approaches, remember you are at greatest risk right now for identity theft so monitor your bills/accounts, hold on to those receipts, shop online only with those you trust, and don’t let the smell of nutmeg, cinnamon and egg nog cloud your judgment. To find a local business you know you can trust, visit www.abc2news.com/bbb and use the A List Video Online Directory! Talk soon - Angie
