The holidays are fast approaching. Shopping lists are growing, and consumers are strategizing. As we’ve written here before, layaway is again becoming popular with those looking for a way to stretch a dollar this holiday.
The Indiana Attorney General, however, wants consumers to think twice before jumping into something they may not fully understand.
Shoppers with tight budgets may be considering using one of a growing number of layaway plans offered by retail stores, but consumers should use caution.
Layaway plans, while often helpful, can contain hidden fees or refund restrictions. That’s why it is important to get a copy of the policy in writing before you start making payments.
For more tips, the AG recommends reaching this consumer alert from the FTC: “Layaway: Another Way to Buy”.
Included are tips like these:
Get the merchant’s layaway policy in writing and look for details such as minimum payment requirements, late charges, service fees, etc.
Is there a refund policy for layaway items? For instance, once you’ve begun making payments, can you return the merchandise for a full refund?
Also, read our past posts: