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Can I Buy Goods Without Going Into Debt? Part 1

happy couple doing thumbs up while holding shopping bags

Doesn’t this concept sound wonderful? You can get the things you need and not get yourself into trouble financially?

Whoever thought of this should be President?

But wait, just as in all the movie drama’s there’s a catch!

So what do they call this cunning plan?

The name is ‘Layaway’,

LAYAWAYA WAY OF PURCHASING RETAIL MERCHANDISE HELPING CONSUMERS TO PUT AN ITEM ON RESERVE AND MAKE PAYMENTS ON IT!

Yes, you’ve guessed it, you can take away the goods once they are paid for in full – isn’t that complete genius?

This little baby goes all the way back in time to the great depression when shoppers had very little money to make any full purchases.

layaway available banner

Just like fashion items the layaway system was hidden away until just a couple of years ago when the economic problems of the day began to bit as hard as Jaws!

Retailers saw this as a great marketing tool and a way to draw more customers into their stores. And guess who lead the way? No it wasn’t Al Gore again, but ‘Wal-Mart’. It was also a winning strategy as the system soon began to catch on again.

OK smart A……….but did customers benefit from this?

Well we know what you’re thinking? Is this just a new way of boosting bottom lines or do people really score big time? To be honest, there’s a line meeting in the middle of this so both parties still come out smiling. But of course some people might see this as demeaning and some may look upon it as a gift from heaven. And yet any way of helping people to buy things they can’t afford in one go has to be a great idea right? Well yes, but let’s take a look at all of this in closer detail and you can make your own mind up?

What are the benefits of using Layaway?

girls shocked and surprised while holding shopping bags

So we’ve already established Layaway assists shoppers in buying goods even if they don’t have the full amount of money available initially. It works like this. Consumers will be asked to pay a small deposit and then the item is held by the store for a fixed period of time. This time period is completely at the discretion of the retailer buy will usually be no more than 60 days or two months. You’ll find this will probably be extended during peak holidays or busy shopping seasons like Christmas.

In real terms this system presents an opportunity to people of ensuring they can lay their hands on the latest gifts, knowing they’ll be there for them further down the line to take home. This can be a wonderful way of planning ahead and staying organised. Once the store has put your item on Layaway the purchaser will need to make regular payments toward the total cost of the item until they reach the required full amount. But there’s one truly great thing about this scheme?

PUT YOUR CREDIT CARD AWAY AS UNLIKE CREDIT CARDS LAWAWAY PROGRAMMES DO NOT CHARGE INTEREST. MORE IMPORTANTLY YOU CAN FORGET ABOUT ANY CREDIT SCORE WORRIES AS THEY SIMPLY DON’T MATTER!

So there you have it – a simply system to help you whenever you feel the need whereby both retailers and consumers come together in perfect harmony! Cue for a song……..right?

Wrong…….but many experts believe this is a terrific way of getting people to work to personal budgets. You’re actually paying for an item over time so you need to be disciplined and methodical or quite simply – you won’t get the item at all!

So in part 2 and you must read this because we take a look at the downside of the system. We look at lessons we can all learn from this and sum up whether the system really does work.

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