If you're a little short on cash, don't want to pay credit card interest rates, or just uncertain about whether you absolutely need that new, slightly bigger flatscreen, layaway might be the way to go.
If you've been thinking about putting something on layaway, here's what you need to know before you plop down your hard earned cash.
There are a bunch of stores doing layaway, and each one handles theirs differently.
Walmart started their layaway back in August, and it ends on December 14th. They don't charge an opening fee, you just have to make a down payment of ten dollars or ten percent--whichever is greater. Also the item must cost more than ten-dollars, with a total amount of fifty dollars required in your cart. They don't let you put Black Friday deals on layaway, but if you want to cancel your order, there isn't a fee.
Toys "R" Us and Babies "R" Us both have layaway with 10-percent down and a five-dollar fee. With them, you have to pay it off in ninety days. If you want to cancel, there is a charge.
Sears and Kmart offer 8-week and 12-week layaway plans. But there are only 7 Fridays until Christmas, you'll need the 8-week plan. It has a five-dollar set up fee and if you cancel, you'll be charged ten dollars by Kmart and fifteen-dollars from Sears. If you want no-money-down in store and only a penny down online, go with Sears.
Some places will charge a cancellation fee and put your items back on the shelf if you miss a payment. If you item goes on sale, you might not get a price adjustment. Just read the fine print before putting something on layaway so you make sure your money goes the farthest.