Layaway’s back baby!! October 24, 2008

Many of you may have no memory at all of layaway….but I do. The idea that you buy something but you can’t take it home  ’cause it ain’t paid for, is fairly exotic to many, but layaway used to be quite common…and simple really. You pick out your Easter dress…or a new refrigerator, and put some cash down on it, but you don’t take it home. It’s really the exact oposite of credit but with the same result in the end, only with credit, you  get the item then and pay for it later. With layaway, you pay for it in installments first, and then, you take it home. My co-anchor Stan Stovall and I were chatting at the newsdesk yesterday about layaway….we both remember it well. “Gotta pay on it”, he said, “Pay on it or you’ll lose it!” And now, layaway… born of times when people were short of cash… is reborn.

What happened to immediate gratification??

Actually K-Mart, which is making layaway a big part of it’s holiday ad campaign, has always had layaway…they’re just promoting it now. It will be interesting to see if other retailers get on board….lots of stores don’t have the space for it of course…think of hundreds of soft, cashmere sweaters at J.Crew in the back room on layaway, oh, and the record keeping it would take. Though come to think of it, computers should make that pretty simple….”Hey, I just dropped by to put 10 bucks on on cashmere cardigan.”

Sometimes there is a fee attached to layaway…if it’s very much, it may not be a very good buy….but if it isn’t, it allows you to buy something you might need or just want…especially at holiday time…and pay it off a little every week or month…and here’s a bonus. You don’t have to store it. Might come in handy if you’re wondering where on earth you’ll keep that bike for your kid’s Christmas without him finding it. Let K-Mart store it until Christmas.

And of course, there is online layaway….eLayaway.com says on it’s website….”Our intuitive calculator allows you to break down your order’s purchase price over 3 to 13 monthly payments. eLayaway™ will automatically deduct the payments from your checking account and you will receive your order once it’s paid in full. “

We’ll see if it catches on. Really a big part of the enjoyment of  buying something new is the anticipation of it….once we actually get it…well…maybe it’s not all that after all. Any of you have fond memories of layaway?? Or not so fond?