Something Olde that's suddenly New Again
" I spend more, I spend more than last year" sighs Theresa Rodriguez as she walks thru the lanes of her neighborhood Super-Store.
Like so many other careful shoppers, she has to save money.
But she also has to make sure she's got all the holiday presents she can afford for her family.
So this year, she's starting early and putting it all on layaway.
That way she can spread out her payments. She adds, "I like it because it gives me the opportunity to pay little by little, you know, sometimes you don't have enough money"
Local retailers tell me they expect layaways to be a lot more popular this year, but some local consumers tell me they are still not really sure how it really works.
They say lay-away is a little more complicated because of the record-keeping...but they say it's all computerized now and some plans are even accessible on-line to their customers.
Adrian Fernandez manages Coral Gables Sears store.
He explains " Things are a little bit tough so it does allow the customer to use a different payment plan other than credit cards to actually make a purchase.
But shoppers still have to be careful to understand how lay-away plans work.
"Consumer World's" Edgar Dworksy he believes layaway can be a great tool to keep spending in check and spread out payments.
but he warns...you have to do the math and factor in things like any extra layaway fees. He explains " You can only buy certain items. you either can or cannot buy on line. you have to make a minimum deposit. there is going to be a certain penalty if you cancel and that fee varies from store to store.
Theresa Rodriguez hopes to have her latest layaways all paid-off over the next few weeks...well before the holidays.
She adds, she'll be happy all the bills will be paid by then. She broke into a Big Smile and explained "Oh, perfect, perfect..I don't have to worry the last minute so that'll be great!"
To make sure lay-away shopping is right for you, make sure to go over any contracts and understand all the fine print.
Be sure to ask about the store's policy if something's on sale and marked down -- can you lock in the lowest price?
You also need to check about cancellation charges or deadlines over how long you can extend your purchase, before having to pay it off.
Here are some good links for more "Lay Away Shopping" Tips to see if if it's right for you:
<http://www.ftc.gov/opa/2009/11/layaway.shtm>
<http://vi.bbb.org/article/holiday-shopping-tips---layaways-23734>
<http://blog.creditkarma.com/credit-cards/pros-and-cons-of-using-layaway-this-holiday-season/>
<http://www.consumeraffairs.com/news04/2009/11/layaway.html>
