kikipeepers asked
Don't know what layaway is? That's not surprising if you're relatively young, since this riskless form of consumer finance has been in steep decline since the 1980s. K-Mart, Burlington Coat Factory and Marshall's are among the remaining large retailers that still offer layaway. Sears has started a program. Wal-Mart, by contrast, dropped it in 2006 and does not plan to revive it. Buying merchandise under a layway plan is a simple concept. Unlike credit card or house charge account purchases, with layway the merchant does not release the goods to the consumer until they are paid for in full. Instead, the customer makes a deposit, usually with a modest service charge included, and the merchant puts the goods aside, or lays them away. If the customer fails to make full payment by the agreed upon date, the merchant has the option to return all payments, minus service charges, and put the goods back on sale.
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