what's the purpose of layaway?

[BurnItDwn]

(full disclosure: I've never used layaway b/c that's what poor people do)

Ahhh hahahahahahahaha

I love the small print man...

 

[zinfamous]

Ahhh hahahahahahahaha

I love the small print man...

:sneaky:

 

[SlitheryDee]

Some people can't get credit. Some people would rather not add to their debt at that moment. All people know that the thing they want might get sold before they can save up the money for it. Layaway locks they item down until they are comfortable with the expense.

 

[Ms. DICKINSON]

For the 99% of the population. The 5$ holding fees go to the 1%.

 

[OutHouse]

http://www.foxnews.com/us/2011/12/1...y-off-kmart-layaway-accounts/?test=latestnews

 

[Saint Nick]

i used to buy coins at a coin shop that way back when i was a child.

什麼類型的硬幣？

 

[Insomniator]

Its just for poor people, thats all.

 

[HydroSqueegee]

man Layaway is great. dont have to use my credit card if an item we want is on sale. Last thing we put on layaway was our patio furnature set. Fantastic sale, didnt have the money at them moment and i sure as hell wasnt using my credit card (only for emergencies). 4 weeks later its paid off and im lounging on my back deck in style.

I love how a lot of people view it as a poor person thing to do. I guess i can look down my nose at those who need instant gratification and use their credit card (even if they do pay it off on their next statement).

 

[Doppel]

the funny thing is--the truly wealthy out there probably use layaway, or have used it many times in the past.

They look at pretender ballers like those that post here and laugh at your massive ignorance.

LOL no. Layaway, no matter how many arguments some in this thread make to the contrary, are almost entirely targeted at the damn near destitute.

And poor people do suck with money, for the same reason they are poor, they just aren't as good at making wise decisions and preparing for the future as wealthy people. We all know this, though.

 

[Doppel]

man Layaway is great. dont have to use my credit card if an item we want is on sale. Last thing we put on layaway was our patio furnature set. Fantastic sale, didnt have the money at them moment and i sure as hell wasnt using my credit card (only for emergencies). 4 weeks later its paid off and im lounging on my back deck in style.

I love how a lot of people view it as a poor person thing to do. I guess i can look down my nose at those who need instant gratification and use their credit card (even if they do pay it off on their next statement).

Can you elaborate as to why you were so against using the credit card but ok paying more in fees than you would have over that four week credit card period (which would have been $0 over that time) with layaway?

 

[slag]

Its for poor people. Those who typically have to purchase xmas gifts halfway into the year so their kids can actually have a xmas.
Its not so much about trusting themselves, its more about being able to lock in prices.

Lets say you see a great sale on product X in August. your poor so you can't buy it, but you could make payments. there ya go, now you can get it a bit cheaper.
Very few places do it though. Some are starting it up again due to recession.

Its not just for poor people. I choose not to use credit cards anymore except for emergencies as it really simplifies bill paying and life. If there is something expensive that I want but don't have the full funds, I'd do layaway for it instead of putting it on my card and not dip into savings. My wife and I make $150k/yr which is middle class.

 

[AMDZen]

Can you elaborate as to why you were so against using the credit card but ok paying more in fees than you would have over that four week credit card period (which would have been $0 over that time) with layaway?

I don't think he can. He probably has no credit and will try to hide that fact by claiming that he just doesn't do credit cards. Like Texashiker does.

 

[HydroSqueegee]

Can you elaborate as to why you were so against using the credit card but ok paying more in fees than you would have over that four week credit card period (which would have been $0 over that time) with layaway?

I was lucky and had it paid off in 4 weeks. with the credit card i would have racked up more than the $5 it cost me to put in on layaway if i hadnt paid it off in the month period.

 

[DrPizza]

The "hiding gifts from kids" seemed good when I first heard it but seriously, you can't hide the stuff somewhere else? Put it in a large tupperware and mark the box in ways that if your kids open it you WILL know and promise to them it will go back to the store? Or put at a neighbor's house?

Hide it in a tupperware container? We've filled half a room with Christmas gifts before. Enough to be an inconvenience to a neighbor if left there for a month or longer.

 

[3chordcharlie]

I would consider using layaway.

I get paid, I contribute to my 'offsite savings', and I'm not broke by monday if I got paid on friday, but I'll be damned if I can get my chequing account to actually grow over time. I generally am broke by the next payday.

 

[AMDZen]

I was lucky and had it paid off in 4 weeks. with the credit card i would have racked up more than the $5 it cost me to put in on layaway if i hadnt paid it off in the month period.

Whatever store you bought it from probably offered in-store credit with 0% for at least 3 months. All of the big stores do.

Don't be afraid to admit that your credit score is 250 and that simply isn't a choice

 

[CADsortaGUY]

It can be good for middle-class people who don't want to use credit, want to make sure the toys are in stock, to make sure that the prices are good, to make sure they have the time, to hide things...etc. There are a ton of reasons to use layaway and I don't see any reason against it. Before credit was cheaper and/or more widely accepted, it was the preferred method.

Shit, I remember putting Legend of Zelda on layaway at Pamida. Every other week I'd go in and put my $10 allowance down. Taught me a lot, especially on how to save my money. It's easier to do it when you're putting it down on something and working towards a goal.

The elitist attitude some people have about it is pretty disgusting. Not everybody is such a baller and so superior intellectually and psychologically as the wealthy, massively intelligent, and utterly perfect people on this board.

Bought my first Huffy BMX style bike that way when i was 6-7. Having a crappy bike with a banana seat just wasn't cool so I got a paper route and had my mom put the bike on layaway.

I can't imagine my youngest(about to turn 7) having a paper route but oh well...

 

[Geekbabe]

Why all the hate for people who use layaway?

 

[krunchykrome]

I think layaway is a service that is catered towards low-income/bad-credit people. Otherwise, like you had mentioned, why not just put it on a credit card or apply for store credit.

 

[jhu]

什麼類型的硬幣？

美國錢幣

 

[Zeze]

I've always wondered WTF it was whenever commercials said "Layaway available!" once in a blue moon.

 

[Hugo Drax]

the funny thing is--the truly wealthy out there probably use layaway, or have used it many times in the past.

They look at pretender ballers like those that post here and laugh at your massive ignorance.

Never let some bullshit stereotype influence a good financial decision.


Many of you assume poor people make bad decisions, and thus they have no money. In fact, they actually know how to save money in many cases...b/c they have no money. You look at their decisions improperly, because you are a sad idiot.











(full disclosure: I've never used layaway b/c that's what poor people do)

Why would a millionaire use Layaway? That is dumb. You are handing cash to someone so they earn interest on it while you wait 1-2 months before getting an item that will have depreciated in value by the time you buy it?

Absolute nonsense. No one with wealth would do that, you do not become wealthy by handing money over so that others earn interest and you dont.

Wealthy people are always putting money to work, even using credit cards that offer cash back and taking advantage of the free interest free float period. While getting 1% back.

Layaway is for cash constrained individuals dead simple, if you have no access or very limited access to credit and you want a specific unique item that could become difficult if not impossible to acquire in the future then Layaway is a useful tool. But using Layaway to buy something like a TV set is a foolish thing to do. Since newer models will arrive, and in the mean time the you are losing on TVM so you can purchase a depreciating asset 2 months in the future.

 

[zinfamous]

And poor people do suck with money, for the same reason they are poor, they just aren't as good at making wise decisions and preparing for the future as wealthy people. We all know this, though.

poor people are born into poverty, more or less. Just as wealthy people are generally born into wealth. There are outliers, of course, where certain individuals can cross both ways, but for the most part, you are born into a condition and learn the behaviors of that condition.

arguing that poor people are poor simply because they are bad with money, is, more or less, arguing that it is a genetic condition--that it is somehow a fault of their person that distinguishes them from wealthy people. It implies that another behavior can not be learned.

The argument is a fallacy, in that it completely ignores the socioeconomic strata that leads to poverty, and the poverty behavior.

It is far, far more difficult for one to bring themselves out of generations of poverty, as much of the behavior that makes one responsible or irresponsible is learned behavior.

Americans like to believe that this notion of "anyone can make it" holds true as it always has, and the reality is that it doesn't. Not today.

Interestingly, a recent study was released showing that republicans, are generally, happier than democrats on average. Controlling for all other variables (religion, health, finances--liberals tend to be wealthier, actually), the #1 factor that corollated to the happiness scale was the difference in belief of the "American dream": Republicans tend to believe that everyone is responsible for their own fate and as such, no one condition is insurmountable for any one individual. Democrats, on the other hand, tend to believe that social class structures and economic policies tend to keep individuals, on average, within certain class systems, which they are born into, and offer very little upward mobility, despite any one individual's attempts to move upward.

Now, one of these beliefs is actually supported by reams of social and economic data over the past 2-4 decades or so. Wonder which one that is....

:hmm:

 

[zinfamous]

Why would a millionaire use Layaway? That is dumb. You are handing cash to someone so they earn interest on it while you wait 1-2 months before getting an item that will have depreciated in value by the time you buy it?

Absolute nonsense. No one with wealth would do that, you do not become wealthy by handing money over so that others earn interest and you dont.

Wealthy people are always putting money to work, even using credit cards that offer cash back and taking advantage of the free interest free float period. While getting 1% back.

Layaway is for cash constrained individuals dead simple, if you have no access or very limited access to credit and you want a specific unique item that could become difficult if not impossible to acquire in the future then Layaway is a useful tool. But using Layaway to buy something like a TV set is a foolish thing to do. Since newer models will arrive, and in the mean time the you are losing on TVM so you can purchase a depreciating asset 2 months in the future.

Layaway is no interest--at least, you aren't charged interest. That is why it is much better than a credit card.

yes, it is smarter.

 

[AMDZen]

Why would a millionaire use Layaway? That is dumb. You are handing cash to someone so they earn interest on it while you wait 1-2 months before getting an item that will have depreciated in value by the time you buy it?

Absolute nonsense. No one with wealth would do that, you do not become wealthy by handing money over so that others earn interest and you dont.

Wealthy people are always putting money to work, even using credit cards that offer cash back and taking advantage of the free interest free float period. While getting 1% back.

Layaway is for cash constrained individuals dead simple, if you have no access or very limited access to credit and you want a specific unique item that could become difficult if not impossible to acquire in the future then Layaway is a useful tool. But using Layaway to buy something like a TV set is a foolish thing to do. Since newer models will arrive, and in the mean time the you are losing on TVM so you can purchase a depreciating asset 2 months in the future.

Since you've only been here a month, let me share a bit of info with you.

zinfamous makes many such comments like this. To say that the dude is a troll would be an understatement.

Layaway is no interest--at least, you aren't charged interest. That is why it is much better than a credit card.

yes, it is smarter.

When you use layaway, you're charged a fee. You do realize thats what interest is?