Is Layaway the New Credit Card?

I'm sure most of you have seen the K-Mart commercial for buying things early and putting them on layaway....No you were not imaging it...layaway is making a comeback! Days when credit cards were not nearly as popular and everything was paid in cash, layaway came in handy especially around the holidays.

The idea of it is very simple. Typically, you put down 10%-25% of the purchase price and then you have about eight weeks to pay the rest off, once that is done, that item is yours to keep. It may seem old and outdated, but in this economy some people don't have much of a choice if they want to buy gifts for the holidays.

Few stores are following in this layaway trend. Those such as Marshall's, TJ-Maxx, Home Goods, Burlington Coat Factory, K-Mart, and Sears are among the big name stores allowing consumers to put things on hold. But it is not just big names doing this, local boutiques are following this old trend that is now brought back to life. Rambling Rose right in the heart of New Paltz is also allowing for layaway.

So next time you hit the stores to do some holiday shopping, check and see for the layaway counter. It might help you out more than you know!!