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Holiday Layaways

The Holiday Layaway Wars are Under Way As the economy makes its slow ascent from a serious blow that has affected millions of Americans, retail stores are preparing for the holiday season, hoping to lure shoppers with great deals and new layaway options. Some stores that had eliminated layaway have realized that to not offer it now would be financial suicide. Many Americans are still struggling and will be looking for ways to save on holiday shopping and the easiest way to get those popular, high dollar items. Layaway is more important now than it has been in years, and retailers are quite aware of this.

Toys R Us, adjusting to the needs of consumers this holiday season, is now offering layaway on big ticket items to accommodate holiday shoppers. With 20% down and a ten dollar service fee, customers can put their items in layaway and make payments over time until December 6th. Items such as bicycles, dollhouses, and indoor table games are included in the layaway program.

As for Walmart, they discontinued their layaway program in 2006 and a petition by consumers to bring layaway back to Walmart has since failed. It does not appear that Walmart will bring back layaway now or in the near future, as they have stated that not enough people use the service and much of the floor space once dedicated to layaway is now being used for their Site to Store feature for online purchases. Some Walmarts do still offer layaway for their jewelry department, however.

Both Sears and K-Mart have offered in-store layaway, but have recently added layaway online, as well. K-Mart offers an eight-week layaway program with a five dollar service fee, and fifteen dollars or 10% down, whichever is greater. Sears requires a down payment of fifteen dollars or 20%, whichever is greater, with a five dollar service fee.

Burlington Coat Factory also offers a sixty-day layaway with 20% down, 20% due within fourteen days, and a five dollar service fee.

The layaway option may not be available at all these stores and others for long. Typically, if the economy becomes more stable and consumers are using their credit cards more often, many stores are likely to drop this option due to cost and space.

Currently, there is also an online layaway service called eLayaway that helps consumers find stores that offer layaway and provides information on the requirements for each one. This service actually sets up an automated payment plan from customers' bank accounts to the store where their layaway is being placed, deducting from their bank account until the layaway is paid in full. The retailer then ships the item to the customer's door. Membership with eLayaway is free.

While many this holiday season are tightening their belts and maxed out on their credit cards, having the option of layaway is a welcome service to help making those holiday purchases a little easier. It is also a great way to snag that popular item that everyone wants before it's gone.

It would be nice to think that layaway is making a comeback for good, but it's doubtful that it will be around for long. Many stores will be suspending layaway once the holiday season is over and may not offer it again next holiday season if the economy is more stable. So layaway now!