• Put the cards away this holiday!

    The shopping frenzy has begun and October isn't even over yet!

    For those who are getting our lives back on track, we may need to put those credit cards away this holiday, after all they are the things that got you in trouble the first place. And that is not just for those who have gotten in a credit crunch. It's just really about planning ahead financially.

    So you ask, what am I speaking of?

    Layaway! With the economy in its current state, layaway has come back in a big way. You have some of the big wigs in retail rejoin the layaway party. Walmart is one of them. At the end of November 2006, Walmart decided to scrap its layaway plans but have re-looked at that decision and have welcomed the plan back. Consumers go into a store, pick out merchandise and pay monthly in the required time frame and when paid in full take their merchandise home. Ahhhh, just what is needed for this financial crunch most consumers find themselves in.

    Using layaway is an excellent alternative to using credit cards. Yes it's true, you don't get that immediate gratification of going right home setting up that new tv or wearing those nice jeans but at the end, you don't have long term financial obligations. Yes, that's right, for those who don't have credit cards, or those who have had bad credit history to buy things you can't afford and sometimes don't even need. Of course there are some who do have good credit history but the good thing about layaway is that you don't have to worry about applying for new cards, taking inquiry hits on your credit report.

    Are their negative aspects to layaway? Well usually with any installment plan there is and there usually called "fees". Retailers usually charge fees when putting merchandise on layaway, can be anyway from 5-20 dollars, some have minimum dollar amount for entire purchase or per item, if you cancel then there may be a re-stocking fees associated with it, etc. When dealing with layaway what you need to ask yourself is: Can I save money and use an installment plan for what I want vs. do I want to pay interest rates on credit cards they may take years to pay off?

    Either choice the bottom line:

    Plan, plan, plan. Know what you can afford and how you will pay it off. The last thing you want to do is go into the new year with a very new large debt on your books!

    2 Comments

    • 1. Nov 22 2011 7:52PM by jackmichel

      In both good times and bad, layaway plans are tools that can help consumers get the gifts and goods that they want without getting themselves into debt.

    • 2. Nov 22 2011 7:52PM by jackmichel

      I used layaway express for the past 5 years and i have to say there customer service is so friendly.

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