Layaway is a concept that a lot of younger people are not familiar with. When credit cards became popular, layaway programs started to disappear until they had become extinct. I am pleased to see these programs have returned.
Instead of using a credit card to pay for a purchase after making it, layaway allows you to select the items you wish to buy, pay for them over time and then take possession when you have finished paying for them. The first store I noticed that had brought back layaway was Bob’s Discount Furniture, which is a large chain in New England and surrounding states. Then I noticed larger stores like Wal-Mart and KMart reintroduced layaway programs. Tonight, I noticed that smaller chains, like GameStop, are giving people the option.
I commend these stores for allowing people this option. It’s a way for people who aren’t great at saving to purchase items without resorting to credit. While I would prefer to use a Christmas club account to pay for these purchases, layaway is something I am glad to see again.