The Evils of Layaway

[Karin]

Barltes & Jaymes???  Keep in mind that wine coolers are NOT ALLOWED in the CC Lounge, for some reason. 

JTYAngel:

they know all my hiding places at home .

  That's an excellent point.  What's $5 for a warehousing fee to keep all this stuff hidden?  It's a bargain.  Especially if it's a large item that can't be shoved into an underwear drawer?  I haven't used layaway, but I think it's a great idea.  January sucks, when the bills start coming in, and many of us get hit with a property tax bill then, too. 

This does look suspiciously like Schumer in bed with his banker buddies.  DUmmies, you can't see through this?  Really?  Clark Howard was saying on his show this weekend that credit card companies are out fishing for business, amongst the people with the finest credit.  Some will give you a free $300.  Sorry DUmmies, it's just for the best credit.  People who bother to actually pay their bills. 

Anyway, like my fellow NY CCers here, I fight, donate, campaign, anything to rid us of the Schmuck.  Not possible so far. 

[miskie]

We use layaway plans - but not as intended. We use them to store away gifts we feel are going to be difficult or impossible to get once Black Friday rolls around. Then on that day, the missus walks into the store when it opens, hits the Layaway counter, has the prices adjusted down for the sale and leaves.

[NHSparky]

Here's another little tidbit for DUmmies and Chuckie Schumer (but I repeat myself) to gnaw on:

In this "Oconomy", where gas is STILL well above $3.25-3.50 in most regions of the country (and has been for nearly 9 months now, nearly double the length during 2008, and why is that?) $5 is NOTHING.  If time is indeed money, and a major retailer like Walmart, K-Mart, etc., have what I'm looking for as far as present for the kids or significant other, and I don't have all the cash on hand, why the hell NOT fork over the cost of a Big Mac and fries and be done with all the bullshit hassle of going from store to store, fighting traffic, crowds, etc?

[NHSparky]

We use layaway plans - but not as intended. We use them to store away gifts we feel are going to be difficult or impossible to get once Black Friday rolls around. Then on that day, the missus walks into the store when it opens, hits the Layaway counter, has the prices adjusted down for the sale and leaves.

Ding! Ding! Ding!!!  No more calls please, we have a winner!

[jtyangel]

Here's another little tidbit for DUmmies and Chuckie Schumer (but I repeat myself) to gnaw on:

In this "Oconomy", where gas is STILL well above $3.25-3.50 in most regions of the country (and has been for nearly 9 months now, nearly double the length during 2008, and why is that?) $5 is NOTHING.  If time is indeed money, and a major retailer like Walmart, K-Mart, etc., have what I'm looking for as far as present for the kids or significant other, and I don't have all the cash on hand, why the hell NOT fork over the cost of a Big Mac and fries and be done with all the bullshit hassle of going from store to store, fighting traffic, crowds, etc?

Yep!

[Karin]

Ugh, they played his soundbite on the local radio news at noon today.  Saying all sanctimonious in that awful whiney voice of his, "if these retailahs don't comply and announce LOUD AND CLEAR....blah blah blah" 

As his constituent, I think I'll drop him a line.  Although, I think I'm on his iggy list. 

[Erasmus]

Layaway, the lottery, and payday loan businesses are just a tax on people who are bad at math.  I'm all for it.

[Ballygrl]

So if someone puts say $500 of merchandise on layaway and there's a $5 fee, that comes down to 1% "interest"? and that fool is comparing it to the credit card companies?

[NHSparky]

Layaway, the lottery, and payday loan businesses are just a tax on people who are bad at math.  I'm all for it.

I still fail to see how layaway is a bad deal compared to, say,  credit cards.

[jtyangel]

Layaway, the lottery, and payday loan businesses are just a tax on people who are bad at math.  I'm all for it.

How does layaway even compare? It's a NOMINAL fee, actually much more reasonable then credit cards.

Actually it could be a great way to take advantage of some time delay with the money. I know it's almost unheard of at this point, but if you are putting 500-1000 in layaway over 2 months and are paying essentially one half of one percent to one percent for use of layaway, you could find a comparable short term investment for maybe 1.5 to 2% over those 60 days and actually make money while holding the merchandise. You keep the $$ longer and can generate a small bit of income on that instead of shelling it out right away on gifts or waiting until the last minute and perhaps paying a premium for gifts that are then hard to find. You could actually get very creative with it, but in lieu of that, for what most people put on layaway, 5.00 service charge is a very NOMINAL fee to reserve the items. Comparing it to a payday loan with 100 % interest or the lottery with less odds then getting struck by lightening is like comparing apples to oranges.

[seahorse513]

We use layaway plans - but not as intended. We use them to store away gifts we feel are going to be difficult or impossible to get once Black Friday rolls around. Then on that day, the missus walks into the store when it opens, hits the Layaway counter, has the prices adjusted down for the sale and leaves.

Just so everyone knows, Walmart will not let anyone put anything on Layaway on Black Friday. It says it right on the sign near the bottom...
I cannot speak for the other retail giants however...

[Evil_Conservative]

We use layaway plans - but not as intended. We use them to store away gifts we feel are going to be difficult or impossible to get once Black Friday rolls around. Then on that day, the missus walks into the store when it opens, hits the Layaway counter, has the prices adjusted down for the sale and leaves.

The stores price match items in layaway??  If so, I need to look into that for any high ticket item we may need in the future.

[Chris_]

I'd use it just to piss off Chuckie Schumer.  Jerk.

I need a new television computer monitor anyway.

[miskie]

The stores price match items in layaway??  If so, I need to look into that for any high ticket item we may need in the future.

KMart does. They will adjust your layaway down once and only once. I am not sure what Walmart's policy is now they have brought back Layaway for Christmas time only.

You can use one or any combination of these acceptable payment options:
cash, check, credit card (Sears card, Visa, MasterCard, Discover, American
Express), debit card, Kmart Gift Card, Kmart Cash Card, coupons or EBT Cash
(Note: EBT food stamps are not allowed).
• New Layaway contracts cannot be created if you have other delinquent
Layaways contracts.
• No partial takeouts are permitted.
• Person initiating Layaway must be the same person finalizing Layaway.
A picture ID is required for all new Layaways, pickups and refunds.
• If you make a payment that is less than the minimum amount due; your
payment due date is not advanced to the next biweekly cycle. You are still
obligated to fulfill the rest of the current payment balance before the system
will advance your next payment due date.
• Mail payments can only be made with a check.
• Customers can receive only one price adjustment on advertised items within
seven (7) days of the initial Layaway date.
• No price adjustments are allowed on clearance items or Holiday merchandise.
• Partial refunds will be completed when you come in for the final payment .

So - Make your way to KMart a few days before Black Friday, put those goodies aside, and Adjust the crap out of it first thing Black Friday morning.  The entire policy is here as a downloadable PDF file. - http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CCcQFjAA&url=http%3A%2F%2Fc.kmart.com%2Fue%2Fhome%2FKmart_Layaway.pdf&ei=VvDBTqSUJePZ0QGDtvT5BA&usg=AFQjCNHg92GWGiPkYV4S7geHmtQHr7LnoA

[BattleHymn]

I'd use it just to piss off Chuckie Schumer.  Jerk.

I need a new television computer monitor anyway.

What happened to the last one?  

 

[delilahmused]

I've used layaway before, especially when the boys were small and there were very popular toys they wanted. We had very little money so layaway was one way to make sure I could get them what they wanted (especially their "santa" gift which tended to be the big gift). We've made it a policy to never have any credit cards in our lives so this was a solution for us.

Cindie

[Wineslob]

With everything that's going on in this country, ****stick Shumckstick is worried about this?



DemonRats, you idjits deserve this A-Hole.

[Erasmus]

I still fail to see how layaway is a bad deal compared to, say,  credit cards.

and

How does layaway even compare? It's a NOMINAL fee, actually much more reasonable then credit cards.

Actually it could be a great way to take advantage of some time delay with the money. I know it's almost unheard of at this point, but if you are putting 500-1000 in layaway over 2 months and are paying essentially one half of one percent to one percent for use of layaway, you could find a comparable short term investment for maybe 1.5 to 2% over those 60 days and actually make money while holding the merchandise. You keep the $$ longer and can generate a small bit of income on that instead of shelling it out right away on gifts or waiting until the last minute and perhaps paying a premium for gifts that are then hard to find. You could actually get very creative with it, but in lieu of that, for what most people put on layaway, 5.00 service charge is a very NOMINAL fee to reserve the items. Comparing it to a payday loan with 100 % interest or the lottery with less odds then getting struck by lightening is like comparing apples to oranges.

Buy $100 toy in November to give at Christmas, pay a $5 fee for a month or two.  Annualized rate is 30%.  Depends on the item, how far in advance of christmas you buy it, how much the item is, and what the fee is.  What is layaway typically - 3 months?  So the annualized rate is 20% for that $100 item.  Rate would be less if you're putting a $1,000 TV on layaway I suppose, but I've seen a lot of people putting smallish items on layaway.  Again, not so good at math.  You guys here might put large ticket items on layaway, but I've watched people put $30 Elmo dolls on layaway.

[SSG Snuggle Bunny]

layaway makes it impossible to get the goods then default.

Hence, the hatred of liberal deadbeats.

[NHSparky]

and

Buy $100 toy in November to give at Christmas, pay a $5 fee for a month or two.  Annualized rate is 30%.  Depends on the item, how far in advance of christmas you buy it, how much the item is, and what the fee is.  What is layaway typically - 3 months?  So the annualized rate is 20% for that $100 item.  Rate would be less if you're putting a $1,000 TV on layaway I suppose, but I've seen a lot of people putting smallish items on layaway.  Again, not so good at math.  You guys here might put large ticket items on layaway, but I've watched people put $30 Elmo dolls on layaway.

And they're idiots for doing so.  But even at 20 percent for a $100 item over 2-3 months, that's less than a lot of current credit cards charge.  Now that $1000 item is 2 percent.  Think that's usury?

There's a reason why there's a minimum layaway and a minimum item cost.  And frankly, if you can't afford to save $40-50 over three months, you have no reason buying that shit in the first place.  AFAIC, layaway is for larger, more expensive items, or a total purchase significantly more than one might typically have on hand at one time, not for something you could buy with the change you scraped out of your couch.

Schumer is playing the "hate Walmart" game and trying to score political points with it.

[Odin's Hand]

I put firearms on layaway sometimes, but the interest/usury fees are nil.

[Erasmus]

And they're idiots for doing so.  But even at 20 percent for a $100 item over 2-3 months, that's less than a lot of current credit cards charge.

And more than other CCs charge.  It's a bit of a different thing than a CC because of the fixed fees, so for some items it can make sense, but for many of the items I've seen people putting on layaway, the annualized rates are pretty steep.

Now that $1000 item is 2 percent.  Think that's usury?

No, but that wasn't what I really had in mind.

There's a reason why there's a minimum layaway and a minimum item cost.

I don't think it has to do with saving people money on imputed interest costs, though.  What are the minimums?  $50?  $75?

And frankly, if you can't afford to save $40-50 over three months, you have no reason buying that shit in the first place.

Agreed, and these are the people that I had in mind with my comment, and there are people that spend every penny and then stick a $50 or $100 item on layaway.

Schumer is playing the "hate Walmart" game and trying to score political points with it.

Oh no doubt about that, and I'm not by any stretch opposed to stores having layaway programs.  Buyer beware.

[vesta111]

And more than other CCs charge.  It's a bit of a different thing than a CC because of the fixed fees, so for some items it can make sense, but for many of the items I've seen people putting on layaway, the annualized rates are pretty steep.
No, but that wasn't what I really had in mind.
I don't think it has to do with saving people money on imputed interest costs, though.  What are the minimums?  $50?  $75?

Agreed, and these are the people that I had in mind with my comment, and there are people that spend every penny and then stick a $50 or $100 item on layaway.

Oh no doubt about that, and I'm not by any stretch opposed to stores having layaway programs.  Buyer beware.

It has been so long since I put anything on layaway I have forgotten how it worked then and have questions about it today.

20+ years ago IIRC for layaways I would head for the store and buy everything at once. I had my list in hand and would spent $300.00 total.    Often I would find an item that was being gobbled up and want to insure that item was sold to me.

My problem was I had one of those rotten kids that would search the house night and day to discover what they and their 3 siblings were going to get, then TELL them. We would find a neighbor with no kids their age and request they stored the kids presents at their place when we collected them after final payment.

I have become most sad at the state of affairs with the whole Christmass gift thing,  All this came to a head one year long ago when I took a good look at how this has evolved to the mess it is today.

I now only buy for MY kids, the grandkids have family to buy for them.   I Buy for Mom, 4 kids and Hubby, that's it.

Truthfully, I cannot remember one gift in my life that my grandparents bought or made for me, only a few my parents gave me.

Layaway is now about the only way people living check to check can give their kids even just one present that is expensive.   Those on welfare get the community help from Toys for Tots to the Stores that get donations for children in poor homes.

Stocking stuffers for the grandkids are new tooth brushes, socks, hair products and pajamas.

Call me a mean old lady but I have see kids on Christmass morning wildly opening their gifts only to throw them down, trample them to get to the next package. By the end of the day half the presents are broken and discarded.

Children are taught that they get something for nothing, no idea what Christmass is all about.    Adults give guilt gifts ---that's what I call them---.

All ways bothered me that my Mom who gave a large chunk of her estate to a family member to make a down payment for their home received--- 4 store bought cookies for Christmass. Nicely wrapped, but really a pair of warm socks would have been a nice gesture.

Everyone makes out a list of what they want for Christmass, but few kids over the age of 8 make out a list of what they want to give others, be it home made gifts, Mow the lawn for grandpa, spend allowance on a bag of candy for their siblings,  this is where the entitlement begins.

My Birthday is early December, I got money as a teenager, I did gripe that my birthday money was spent for Christmass gifts for the family.    However it was fun looking back on the amazement of the family adults to get a gift in return.

[diesel driver]

It has been so long since I put anything on layaway I have forgotten how it worked then and have questions about it today.

20+ years ago IIRC for layaways I would head for the store and buy everything at once. I had my list in hand and would spent $300.00 total.    Often I would find an item that was being gobbled up and want to insure that item was sold to me.

My problem was I had one of those rotten kids that would search the house night and day to discover what they and their 3 siblings were going to get, then TELL them. We would find a neighbor with no kids their age and request they stored the kids presents at their place when we collected them after final payment.

I have become most sad at the state of affairs with the whole Christmass gift thing,  All this came to a head one year long ago when I took a good look at how this has evolved to the mess it is today.

I now only buy for MY kids, the grandkids have family to buy for them.   I Buy for Mom, 4 kids and Hubby, that's it.

Truthfully, I cannot remember one gift in my life that my grandparents bought or made for me, only a few my parents gave me.

Layaway is now about the only way people living check to check can give their kids even just one present that is expensive.   Those on welfare get the community help from Toys for Tots to the Stores that get donations for children in poor homes.

Stocking stuffers for the grandkids are new tooth brushes, socks, hair products and pajamas.

Call me a mean old lady but I have see kids on Christmass morning wildly opening their gifts only to throw them down, trample them to get to the next package. By the end of the day half the presents are broken and discarded.

Children are taught that they get something for nothing, no idea what Christmass is all about.    Adults give guilt gifts ---that's what I call them---.

All ways bothered me that my Mom who gave a large chunk of her estate to a family member to make a down payment for their home received--- 4 store bought cookies for Christmass. Nicely wrapped, but really a pair of warm socks would have been a nice gesture.

Everyone makes out a list of what they want for Christmass, but few kids over the age of 8 make out a list of what they want to give others, be it home made gifts, Mow the lawn for grandpa, spend allowance on a bag of candy for their siblings,  this is where the entitlement begins.

My Birthday is early December, I got money as a teenager, I did gripe that my birthday money was spent for Christmass gifts for the family.    However it was fun looking back on the amazement of the family adults to get a gift in return.

Mine is 4 days after Christmas.

I would get the batteries for Christmas, then the toy for my birthday.   

Later,. I'd get the same for Christmas as my 2 brothers, and get clothes for birthday.  Mom has kept up that "tradition" for 40+ years now.

[vesta111]

Mine is 4 days after Christmas.

I would get the batteries for Christmas, then the toy for my birthday.   

Later,. I'd get the same for Christmas as my 2 brothers, and get clothes for birthday.  Mom has kept up that "tradition" for 40+ years now.

Not easy being a Christmass Baby, My poor son in law was born on Christmass day, I do try to remember that and give a gift, with the Christmass gifts that are apart as a separate gift.  Even his family forgets to put happy birth Day on any cards or gifts.

With the season in full swing those born a few days before Christmass get left out.