I was watching a segment about how Kmart is trying to promote the concept of layaways again. Growing up I remember seeing signs with information regarding layaways at various retailers but I’ve never understood why a person would choose that route.
Lawaway isn’t as common these days thanks to credit cards and whatnot but I’ve never fully understood why a person would buy items on layaway. For those that don’t know what it means to put an item on layaway it means you purchase an item without paying the entire cost at once (or rather over a defined period). However you don’t recieve the item until it’s completely paid for.
So the question begs to differ? Why not just save up the money you need to purchase the item instead of doing a layaway? You’d also get the advantage of having the money liquid in case you need it for an emergency or unexpected expense. Sometimes there are fees associated with layaways too.
It really seems a layaway is designed for people who really don’t have the discipline to just put away x amount of dollars towards a purchase. They’d rather recieve a complete debt schedule and perhaps even pay fees to have a retailer tell them how much they need to sock away over period of time to afford something. I can understand a layaway being useful in circumstances where the item is unique (i.e. piece of art) but in most cases it’s commonly available items.
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