Retailers are trying to push layaway this holiday season as a way to buy stuff you don’t immediately have the money for. For people without available credit, this can be a way to eventually get what they can’t afford now. But NY Sen. Chuck Schumer is warning that layaway fees can add up to be a much higher interest rate than any credit card would be allowed to charge. [More]
Five years after Walmart stopped offering customers the option to put most purchases on layaway, the nation’s largest retailer has decided to bring it back for brief run during the 2011 holiday shopping season. Of course, this being Walmart, the holiday shopping season begins in October. [More]
It appears that when the FTC filed a contempt charge against scamtastic consumer electronics purveyor Bluehippo, the company’s bank took notice and froze their accounts. Now Bluehippo has filed for Chapter 11 bankruptcy protection, claiming that they can’t repay their creditors, what with the frozen bank accounts and all. This will not end well. [More]
Sears and Toys R Us are among retailers who have brought back layaway programs to help boost sales, reports Eve Mitchell at the San Jose Mercury News. Not all stores think it’s worth the effort, so you won’t find it at JCPenney, Target, or Walmart. However, if you want to use layaway at retailers that don’t offer it, there are now websites that can help.
Layaway is back this year. What’s that? It’s where you buy an item at a store, but don’t pay for it completely right away. The store puts the purchase item aside for you. You then make regular payments and once they add up to the full price tag, you get your item. Imagine that, saving up and only buying something once you can afford to pay for it in cash. Layaway plans used to be more popular but were overtaken by the ease and instant gratification of credit cards. Unlike credit cards, you don’t pay any interest, although sometimes there is a base fee. Now that credit lines are being cut and thrift is the new black, layaway is making a comeback. Kmart is featuring it in their Christmas ads, and Oprah talked about it on her show recently.
If a store sells you something, and then fails to deliver the product, you should be entitled to a full refund, right? Not so at Furniture Bargains of Calumet City, IL. There, even when they don’t give you the furniture you ordered at all, they’ll take 20% off your refund, at “the manager’s discretion.” Which I guess is just a fancy way of saying, “we feel like robbing you today and the manager said it’s ok.” AJ’s story, inside…
If you’ve got something on layaway at Walmart, this Friday is your last day to pick it up. Of the major retailers, Kmart still supports layaway.
Walmart today announced they are phasing out their layaway programs. November 19th is the last day to place items for Christmas and they must be picked up by December 8th.