Debra, I would hate to work at Wal-Mart . . . for so many reasons! But your experience of working in the layaway department definitely seals that deal.
I worked at Wal-mart in high school (back in the 80s) and we had a thriving layaway department. As an employee, it was a major pain. At the time, customers didn’t pay a fee to set it up and had no required payments. I think that after 6 months, the items were returned to stock but the customer could wander in and get all their $ back. It was chaos with people coming in on on Friday nights to pay $17.31 or $42.11 or whatever change fell out of their pockets, then coming in on 12/23 needing to get their things out of layaway like an emergency.
|Merchandise must be ordered. If you are buying merchandise on layaway, we will order your layaway item when you have paid half of the purchase price.|
I think that it’s important to note that the new layaway programs do have a set up fee, and that there are standard payments that are due on a a bi-weekly basis. Otherwise, it’s not a budgeting tool, as you noted from your experience at Wal-Mart.
What’s your opinion of layaway? Do you see yourself using payment plans as a way to stay within your holiday spending budget? Are you a “cash-only” type of holiday shopper? Or will you stick to credit cards to make your holiday purchases? I’d love to get your take on the subject.