{"id":7319,"date":"2019-04-25T04:15:03","date_gmt":"2019-04-25T11:15:03","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=7319"},"modified":"2023-12-29T13:45:32","modified_gmt":"2023-12-29T21:45:32","slug":"the-pros-and-cons-of-layaway-plans-2","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id7319-the-pros-and-cons-of-layaway-plans-2.html","title":{"rendered":"The Pros and Cons of Layaway Plans"},"content":{"rendered":"

\"layaway<\/a>These days, a growing number of retailers are implementing a variety of promotional tactics to help draw in new customers. And some retailers are now bringing back one of the oldest retail-marketing tactics in the book: the layaway plan.<\/p>\n

Background<\/strong><\/p>\n

Layaway is a unique method of financing purchases that allows you to place merchandise on hold at a store, making small payments over time until its paid for. Typically, setting up a layaway plan<\/a> is as simple as making a down payment on a purchase item, and in some cases, paying an additional layaway fee for the privilege of doing so.<\/p>\n

History<\/strong><\/p>\n

Layaway first became popular in the 1920s and 1930s when the Great Depression was in full swing. It was developed as a way to make large purchases more affordable by breaking them down into smaller, more manageable payments. For many years, layaways were very popular and available at most major retail outlets. However, during the 1980s, layaways popularity began to wane in large part due to the rise in credit card usage.<\/p>\n

Benefits<\/strong><\/p>\n

On the surface, layaway plans seem like a great option for budget-minded consumers. They offer a number of benefits including:<\/p>\n