- IPhone 6 Is Expected to Include a Mobile Wallet
- SAT Tutor Caters to the Kids of the Very Wealthy
- Report: Students Should Beware of Campus Debit Cards
- The Best and Worst Things to Buy in September
- 7 Tips to Slash the Cost of Car Repairs
- Millennials Prefer Plastic to Cash for Small Purchases
- Many Believe That Carrying a Balance Will Improve Their Credit Score
- The Top-Rated Credit Cards in the US
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.