Free Layaway at Sears

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Sears and Kmart just became the latest stores to drop layaway fees.

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.

Stacy Johnson

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