Layaway

November 8th, 2009, by The Angry Drunk

Warning! Non-Techie Content Ahoy!

You may have seen a commercial that K-Mart has been running lately encouraging people to make use of the “layaway” system for purchases this holiday season. To explain layaway for those who didn’t grow up middle-class in the last few decades, here’s the deal: Back in the hoary days of yore, when you wanted to buy something but didn’t have sufficient scratch on hand, one of the choices available was layaway. The way it worked was, you put some money down, and then made payments every one to two weeks until you had paid for the item. Then it was yours.

I know that, sadly, there are probably some people who have been struck dumb with incredulity at that description. “Mon Dio!” you say, aghast. “Surely you would just put such a purchase on your credit card.”

And, of course, nowadays that’s exactly what you would do. But, as horrifying as it may seem, there once was a time when people didn’t leverage their futures just to have the new shiny now. Maybe it’s actually a good sign that stores are bringing the concept of layaway back. Of course, the banks will find some way of making a shekel off it somehow. Such is life.

http://twitter.com/dssstrkl Paul Ward

When I was a young’un, I made my first big purchase using layaway. It was a movie-quality Boba Fett helmet, and I still treasure it. Best purchase ever!
http://twitter.com/broudy David Broudy

My dad had a bike shop way back when, and starting in October or so people would come in once a week and put like $10 towards a $100 bike for their kid’s xmas present. Hardly anyone used credit cards and when they did it was a big pain in the ass flipping through the book of deadbeat card numbers that the bank sent us every month, and calling in for an authorization. What sucked was telling a few that their card was declined, then they’d freak out on me like it was my fault. Fuck you, douche, I was 15. But it was cool when they came to make their final payments and get their bikes on xmas eve; we’d stay open late and everyone was all happy and shit, except us because we’d be there til like 9pm and went home exhausted and bitchy.

It’s mostly because of growing up in retail that I hate xmas.
zach

How is this different than just, you know, saving up for the item yourself, at home?
Er, I see how it’s different. I guess I mean how is it better, or otherwise preferable?
http://www.theangrydrunk.com The Angry Drunk

Off the top pf my head here’s two ways in which layaway might be preferable to putting money in a sock:

1. It’s a hell of a lot easier for many people to save money when they no longer have access to it.

and

2. With layaway the purchaser is guaranteed that the item will still be available when they’ve made all the requisite payments since it’s been, you know, laid away.
zach

How is this different than just, you know, saving up for the item yourself, at home?
Er, I see how it’s different. I guess I mean how is it better, or otherwise preferable?
http://www.theangrydrunk.com The Angry Drunk

Off the top pf my head here’s two ways in which layaway might be preferable to putting money in a sock:

1. It’s a hell of a lot easier for many people to save money when they no longer have access to it.

and

2. With layaway the purchaser is guaranteed that the item will still be available when they’ve made all the requisite payments since it’s been, you know, laid away.
Wes

and 3. Generally you can put stuff that are on sale on layaway — You can buy the item when its on its super crazy 50% off today only sale and eventually get it at that price instead of hoping there will be as good of a deal three months from now.