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USA Today reports Kmart and Sears have completely dropped layaway fees. Toys R Us announced earlier in the week that it also would, and Walmart just dropped its fee from $15 to $5.
Layaway policies allow shoppers to reserve an item they want to purchase and make payments on it. Since there are no interest charges – and service fees are now being dropped – it’s becoming a more common alternative to buying with a credit card or using a rent-to-own service.
But there are downsides: Missed payments could cost you the item and your money, and you may not be able to get sale prices. So read the policy carefully before choosing the layaway option.