One of the most used pament plans from years ago continues to make a comeback. In the age of nearly unlimited credit, layaway was nearly forgotten, but since the economy tanked a few years ago, the practice has been making a recovery at retail outlets of nearly every size. It's not too early to start making plans for Christmas shopping, according to a spokesman from the Better Business Bureau.
Buying items on layaway is different from putting them on a credit card because the buyer isn’t charged interest on the purchase and can’t take the item home until it is paid off. The BBB's Bill Smith says before entering into a layaway agreement, there are some questions you should ask.
Third-party businesses have also sprung up for the purpose of setting up layaway plans online between customers and retailers that don’t already have a layaway program. Smith reccomends you get everything in writing.