Avoid Layaway Gotchas

Layaway is a great way to lock in a good deal over the holidays.  You avoid putting a purchase on plastic and only spend what you’ve set aside.  More stores are getting back into the layaway business.  Wal-Mart kicked off it’s program Monday which runs through December 16th.  Other stores like Toys-R-Us, Sears and K-Mart have not only held onto, but expanded layaway programs over the last few years.  As with anything, there’s a catch.  It’s not terrible, you just have to read the fine print.

Deposit/Down Payment–Many retailers require you to put money down when you set up and account.  It could be a flat rate or a percentage of the purchase.

Service Fee-These range from $5 to $10 and are sometimes based on the length of your contract.

Minimum Purchase Requirement–This works two ways.  In some cases, each item has to cost a certain amount, plus there might be a total minimum purchase requirement.

Missed Payment–Some retailers stick on a charge for missing a payment.  You might have a grace period.

Cancellation Fees–If you don’t pay or pick up on time, you’ll get stuck with another fee.  These can be at least $10.



About Save a Dime on 9

Save a Dime with 9 is part of WTVM's continuing effort to reach out to the community. Our ConsumerWatch team is constantly digging for deals and information that can help you and your family stretch your dollar. There are lots of other good savings blogs and websites out there, but Save a Dime saves you time and money because we're a one stop shop. Where else can you get free tax advice, tips on couponing and even the scoop on the latest tech gadgets all in one place? The answer...you're here! So let's start our savings journey together. If you have a blog idea for us, send an email to consumerwatch@wtvm.com. Please include a phone number so that we can reach you, if necessary.
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