If you’re anything like me you wait until the last possible second to shop for the holidays. I detest shopping, I truly do.
But Toys R Us is trying to give you a leg up this year by expanding its layaway program ahead of the holiday season.
As CNNMoney reports, to help families who are struggling, the retailer announced Tuesday it’s extending its layaway program beyond big-ticket items and will now include most toys in its stores.
The layaway program usually only covers stuff like swing-sets, bikes and video games. In a statement, Neil Friedman, the president of Toys “R” Us says, “We know that consumers will continue to look for ways to stretch their dollars this holiday season, but they still want to make sure they have that special Christmas gift for the children in their lives”.
Here’s how it will work: Shoppers must put down 20% and pay a $5 service fee. They then have 90 days to pay off their purchase, but to guarantee delivery by Christmas, the item must be completely paid for by Dec. 4. There is an additional $10 charge for cancelled orders. Online shoppers can use the “Bill Me Later” option to make payments on their purchases over time.
During these tough economic times, more retailers are jumping aboard the layaway bandwagon and consumers are taking advantage. According to a survey by ConsumerSearch.com. Nearly half, or 42%, of those surveyed said they expect to use layaway to pay for holiday gifts this year.
Last month, Wal-Mart also announced a layaway program for electronics and toys over $15. That program runs from Oct. 17 to Dec. 16 with a $5 fee. Sears and Kmart offer layaway programs throughout the year.
So get your shop on now, utilize layaway and have it paid for by December. That way no single paycheck has to take a huge hit!
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