Layaway Can Be A Stimulant To Squeeze Holiday Budgets

How can a single mother manage to purchase everything for her four children on their Christmas wish list and still have money to spare?

Sophie Larson stated that she started her Christmas shopping in September. By the time December 25 rolls around she requires to have her presents neatly wrapped under the tree and her credit rating left intact.

“I place everything on layaway. If my children wish for a winter jacket, lay it away. It’s the way to go.”

Layaway is the means of paying for an item in small intervals. Only when it is all paid for you can you take it home.

The extensive accessibility of credit cards and same-day loans has seen the popularity of shopping on layaway turn down in recent years.

With the economy the way it is today, layaway could be possibly making a comeback this holiday season.

“I believe layaway is making a comeback for sure,” stated that Philip White, sales staff at Inglis Jewelers. “We have been providing it at our New Glasgow location for a year and we discover several of our customers appreciate having the choice of layaway.”

James Lundrigan, manager of Royal Bank, New Glasgow, indicates that while layaway can be an easiest way of payment, consumers should be watchful of hidden costs.

“There are few benefits to keeping to a budget via expected payment options like layaway. However, some of these plans advertise interest-free payment options for six months, but what consumers may not realize is if you don’t pay the full amount owned at the end of the six months you can end up with high interest payments.”

Lundrigan points out a practical way of saving for Christmas is setting up a preauthorized payment system where a certain amount of money is taken from your bank account each pay. However, this may reduce the demand of same day loans from the market which was famous for instant entailing of funds at the very day of applying for such loans.

For Larson, layaway is still the way to go. Though she agrees hunting for stores that provide layaway in the New Glasgow area is not always easy.

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