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Home > Blogs > Here's the Deal > Archives > 2011 > November > 21 > Entry
Read the fine print in layaway offers
The word “layaway” conjures a sense of thriftiness, but as any savvy shopper realizes, it pays to closely look at the details.
Walmart, Best Buy and Toys “R” Us are just a few of the major retailers offering layaway this season.
While layaway plans are enticing, according to Andrea Woroch, consumer and money-saving expert for Kinoli Inc., there can be problems.
She offers a few do’s to consider before making the leap to layaway:
Do examine the fine print. You’ll have to sign a contract or layaway initiation form. Check each detail.
Do consider the origination fee. There’s a fair amount of paperwork, processing and labor involved in layaway plans, so stores charge a start-up fee for each order.
Do decide if you really need this item. If you decide not to make all payments, then you’ll likely have to pay a fee of roughly 25 percent to 30 percent of the total price.
