UPDATE: A rep for Kmart and Sears tells us that the report we cited has it kinda wrong — right now the free layaway is only on for Kmart, and not Sears. Bummer!

Most of the holiday angling we’ve seen from retail stores has been just that — holiday angling. But after Toys ‘R’ Us announced this week that it would be dropping layaway fees during this year’s prime shopping season, Kmart and Sears have jumped on the bandwagon and then some. Both stores are getting rid of layaway fees forever. For. Ev. Er. Year-round, as well.

Sears’ parent company made the announcement this week in what could be a move that cuts right on in to Walmart’s layaway business, as that store still has a $5 fee. Walmart tried to lure in some more customers by extending its layaway period, but it might have to do a bit more to woo prospective customers after all this no-fee fun that’s going on.

All this no-feeing and laying away puts consumers in a a pretty darn good position — after all, stores are jockeying for our approval and money and it’s working out nicely for our wallets. Just don’t get too crazy and spend all your money in one place and then realize you have to fork over cash at the end of the layaway period.

If you do forfeit your layaway at Kmart or Sears, a $10 penalty will come into effect. Shop wisely and free of fees, my friends, while we let the big box stores duke it out for our dimes.

Kmart and Sears will drop all layaway fees year-round [USA Today]

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