i miss the layaway system

[janetg]

i don't want to charge something - i want to "layaway" it. i don't mind waiting till i have the money - i really don't. now i know i'm dating myself and half of you don't even remember layaways...but wouldn't it be nice - to layaway a lens that was say 2000, and pay for it over a few months? you don't get the prize till you pay in full - but at least you didn't rack up mounds of debt and feed that monster inside of us all named "instant gratification". i think layaways used to teach an important value - something to work for - do your chores kinda thing so to speak.

i guess one could say that's what a savings account is for - but i always end up justifying spending what is in there - usually for a good reasoon - unscheduled root canals, daughters in college need some mula..dog get sick, etc.

heavy sigh.............

[Digital Prophet]

Originally Posted by janetg

i don't want to charge something - i want to "layaway" it. i don't mind waiting till i have the money - i really don't. now i know i'm dating myself and half of you don't even remember layaways...but wouldn't it be nice - to layaway a lens that was say 2000, and pay for it over a few months? you don't get the prize till you pay in full - but at least you didn't rack up mounds of debt and feed that monster inside of us all named "instant gratification". i think layaways used to teach an important value - something to work for - do your chores kinda thing so to speak.

i guess one could say that's what a savings account is for - but i always end up justifying spending what is in there - usually for a good reasoon - unscheduled root canals, daughters in college need some mula..dog get sick, etc.

heavy sigh.............

You know I thought that "layaway" was still alive and well. Turns out that WalMart was one of the last big chains doing it and that stopped just recently.

Oh well, we can always remember the days.

Prophet out.

[JohnT]

I remember layaway plans. I used them periodically when I was a teen, making a payment every payday until I owned the item. Now it's either save up for it or charge it.

[Wes]

Yeah, I miss layaway, too. However, Fort Worth Billiards still offers this service and I'm thinking about using it for my new pool table purchase.

[Dobick]

I have never asked, but I bet the camera shops might be willing to set up a layaway system. I personally am an instant gratification, debt up to my eyeballs kinda guy!

[Duffy Pratt]

People who like layaways probably also look forward to their tax refunds, and even opt for extra withholding.

I don't understand it. Why let the store use your money while you are getting nothing in return? If you put the money into some interest bearing account, you would get the item a little faster, because the money is working for you, not for the store.

The problem with credit financing is that it costs too much. With a layaway, the store was getting maybe 3-5% on the money that you were putting down. With credit, they are getting 12-18%, so its a much better deal for the financers.

Another one I really don't get, which is sort of like the layaway, is the gift card or pre-purchase card (phones etc...). Why would you pay for a card up front without getting some sort of discount on it? At least 5% of the cards are never redeemed, which is a straight profit to the company. And the others are just letting your money work for the company instead of for you.

Bite the bullet and create a layaway account. Create for yourself the same sort of rules that the layaway plans had, and you will end up much better off.

Duffy

[JohnT]

Good points, Duffy. Regarding the phone cards, though, a friend of mine uses one that gives him long distance at $0.03 per minute with no surcharges, fees, taxes, etc. He canceled his LD service with his phone company, saving several dollars per month. Works great for him.

[Duffy Pratt]

Originally Posted by JohnT

Good points, Duffy. Regarding the phone cards, though, a friend of mine uses one that gives him long distance at $0.03 per minute with no surcharges, fees, taxes, etc. He canceled his LD service with his phone company, saving several dollars per month. Works great for him.

Yes, buying phone cards (or other pre-pays) at a discount makes perfect sense. We do the same on pre-paying long distance to China.

Duffy

[CaptainTom]

If the item sells for $2000 today and you put it on layaway, six months from now you have made a $2000 purchase, and the item at that time sells for $2200. YOu have "saved" $200.

[Digitalrebel11]

Originally Posted by CaptainTom

If the item sells for $2000 today and you put it on layaway, six months from now you have made a $2000 purchase, and the item at that time sells for $2200. YOu have "saved" $200.

Prices usually go down with time, not up.

[Cope]

It's changed it's name to Bill Me Later, 90 days same as cash, which is the typical layaway time period, except you pay no layaway fee. The kicker is that if the bill isn't paid on time, the interest is 18%. You often get more than 90 days depending on what time of the month you pull the pin, and you get the goods delivered same as if you had used Visa.

[Wes]

Originally Posted by Duffy Pratt

I don't understand it. Why let the store use your money while you are getting nothing in return? If you put the money into some interest bearing account, you would get the item a little faster, because the money is working for you, not for the store.
Duffy

What if the item that you are trying to purchase is discontinued, the last of it's kind in stock, or at a sale price that will expire soon? I may not have the money for the complete purchase right now, but I can hold that item and lock it in at a good price. To me, it beats the heck out of paying obscene rates of interest to the credit card companies just for the sake of "having it now". IMHO, layaway definitely has it's place in the situations that I outlined above.