As the holiday shopping season draws ever nearer and the economy continues down a bumpy road, many consumers are turning to a payment practice that hasn’t been popular since the Great Depression—layaway. According to the Wall Street Journal, retailers like Kmart, Sears and Marshalls and sites like ELayaway.com have recently seen a spike in layaway shopping, which allows customers to set desired items aside until they have paid for them in full. ELayaway advertises that their services provide debt-free payments on gifts like iPods, computers and more. In order to stay in business, ELayaway just charges a small fee that totals 1.9% of the cost of the items you want to purchase.
What do you think about this budding trend in holiday shopping? Would you consider using layaway to finance your gift giving this year? You tell us!