Page 63 - Book6E

CHAPTER 7
Layaway Can Be a Smart Way to Pay
We’ve likely all experienced the situation of really wanting to buy something but simply not having the money on hand to do it. Rather than falling into the trap of using credit cards, another available option is called layaway. In a nutshell, layaway purchase plans are designed for people who want to purchase merchandise without credit or paying the full price immediately. Many different kinds of layaway plans are offered in places such as discount department stores, or specialty stores selling appliances, jewelry or clothing.
How Can You Avoid Layaway Problems?
The Federal Trade Commission (www.ftc.gov) advises that in order to avoid any misunderstandings, it’s important to obtain specific information about a store’s layaway terms before you participate in its layaway program. Ask the sales clerk for a written description of the store’s layaway plan or, if one isn’t available, get information concern- ing the important layaway matters discussed below. If any of the store’s conditions are not acceptable to you, you may want to shop elsewhere for layaway merchandise.
• Terms of the Layaway Plan. It is important to know how much time you’ll have to pay for the item; when the payments are
due; what minimum payment is required; and what charges, if any, are added to the purchase price. For example, the seller may
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