We have children to feed and bills to pay and we do not spend out of our income. but we can not afford to save money all of the time.
2007-11-06 10:48:56 · 9 answers · asked by redheadchic18 1 in Business & Finance ➔ Corporations
I don't think it's a scam. I think it's an awfully courteous thing for a department store to do. They don't have to let you make payments on their stuff. If you can afford to make layaway payments you can afford to save the same money up in a jar and pay for the stuff when you've got the total amount.
2007-11-06 10:53:13 · answer #1 · answered by Jen 2 · 1⤊ 0⤋
There was a day when almost every major store had a lay away plan. You would pay the layaway fee of perhaps one dollar for every hundred you put on lay away. That was a great way to pay for items without having a credit card or checking account.
Now, things have changed. The space required for storage of layaway items is worth much more than the one dollar fee.
Retail space is sold by the foot to large companies to put their products. Some companies pay a store for that space. And believe me, these compaines pay thousands of dollars for that little bit of space.
It just didn't make much business sense to "waste" space any more, and so they did away with layaway. Businesses are in business to make as much money as they can, not to worry too much about the plight of the poor.
It's sad, but that's the way the world is today.
Today, the only major store I know of that still has layaway is KMart. There may be more, but I don't know who they are.
I hope this answers your question.
2007-11-06 19:00:39 · answer #2 · answered by latebreakfast 5 · 0⤊ 0⤋
Well the problem w/ layaway is that you don't earn interest on the money.
One danger is that the merchant might go out of business & the consumer won't get his/her money back.
Another concern is that the merchant might charge a fee for using layaway or not give a full refund if a consumer changes his/her mind.
Layaway plans can be a good way to buy something w/o using a credit card. However, it seems to me if you can stick to a layaway plan, you could save up the money on your own instead & then buy the item on sale.
2007-11-06 18:56:33 · answer #3 · answered by Treadstone 7 · 0⤊ 0⤋
I don't understand your question. A scam? A scam is when a person or company takes your money with no intention of giving you anything in return.
However I know that allot of stores have jerked lay -a- ways out of their stores, saying that they are loosing money from the lay a ways and so on.
I too loved lay a way, due to the fact that I could put clothes on L.A.W for my kids before school, toys for Christmas, large $$ gifts for birthdays. Now I just have to save and save my money and buy it when I have enough, then I have to hope and pray that what I wanted to purchase is still being sold!
2007-11-06 18:55:09 · answer #4 · answered by Anonymous · 1⤊ 0⤋
I don't know that it is but I'm sure some people don't pay it off in time and loose what they've been putting back.
Layaway isn't as popular as it once was in the U.S. probably due to credit cards.
2007-11-06 18:51:50 · answer #5 · answered by rann_georgia 7 · 0⤊ 0⤋
I'm guessing thatz the equivalent of a layby? i find them most useful lmao I'm a typical impulse spender but if i pay my bills first (i.e layaway) at least i know some money ends up where it should.. if they charge extra itz because ppl will pay it for the convenience
2007-11-06 18:57:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋
better to put layaway money in your piggy bank and pay cash saving layaway charges
good luck
2007-11-06 18:57:59 · answer #7 · answered by Jan Luv 7 · 0⤊ 0⤋
I think the stores count on some people never coming back to claim ANYTHING. They know they won't get their money back, so forget it.
2007-11-06 18:53:21 · answer #8 · answered by Anonymous · 1⤊ 0⤋
who said it was a scam?? i think it is a great!!
2007-11-06 18:51:58 · answer #9 · answered by I Should Be Working 2 · 1⤊ 0⤋