Now's the Time for Layaway to Make a Comeback

Remember layway? It's the polar opposite of store credit. You pick out your merchandise, then make payments on it before you take it home. Then, after you've completely paid for your purchase, the merchandise is yours free and clear. Of course, our need for instant gratification and the bank's greed for interest payments all-but-replaced layaway. But it's making a comeback.

Though Wal-Mart did away with layaway in 2006 in favor of credit cards, there are some other large retailers that still offer the convenience. KMart, Marshalls, Burlington Coat Factory, TJ Maxx, and KB Toys are a few reported by Wallet Pop.

With banks slashing credit limits, spiking interest rates, and Ebenezer-Scrooging new credit, layaway is a far better alternative for your holiday shopping. The best part of all - you won't have any holiday debt to pay off in 2009.

Related Holiday Shopping Tips:

• 8 Tips to Avoid Holiday Debt
• Suprise Holiday Debt
• Recovering From Post-Holiday Debt