Ooops…did I say ‘sexy?’ I meant to say ‘lay-away’ but I betcha I got your attention now! Just in time for this Christmas shopping season too, guess what major retailer is bringing ‘layaway’ back after ditching it back in 2006?
Wal-Mart is bringing back something its customers have been asking for since the Great Recession: layaway. They ditched the pay-as-you-go plans in 2006 but are rolling out a holiday layaway option from Oct. 17 through Dec. 16 this year.
Layaway is an agreement that allows shoppers to pay over time, interest- free, and pick up their merchandise when it’s paid in full and it became popular during the Great Depression. The practice had become largely a thing of the past as the economy flourished and consumers were feeling more confident. But when credit dried up, and the job market turned sour during the recession that began in late 2007, Sears and other merchants added back or expanded the service.