UNITED STATES -- For the holiday shoppers looking forward to buying gifts because of the return of layaway, Senator Charles Schumer has a warning
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The key to financial freedom: Don't buy shit you can't afford.
Yes, I know many people wind up in serious debt problems through no fault of their own. If I get myself thrown in the hospital right now, I'd be feeling the financial repercussions for years to come. Pretty hard to buy a house without a mortgage. (And good luck selling at the price you bought it for.) School loans. Etc.
BUT.
When it comes to buying Christmas presents or the like, you do have *some* say in how your money is spent! I don't know who is supposed to tell people this. I feel it shouldn't have to be a US Senator. I guess I expect parents to cover that.
If you can't afford it...don't buy it. SAVE UP until you can afford it. THEN go buy it. I know saving is hard, especially in difficult times. But this sounds like a Rent-A-Center rent to own deal that is just a terrible idea. WHY?
Sorry for randomly ranting on your post. I just...hate to see families get themselves into trouble.
Wow. 0.o Has it always been like that? I never heard of their being interest. My mother used to do it and she said it was just like making payments. Never said that the prices went up. :/
Makes sense. To me, layaway has always been like 'rent-to-own' where you end up paying a ridiculous amount when all is said and done for something you could have gotten at like HALF the price if you'd just saved up.
Unfortunately, such things are going to appeal to a certain demographic who feel the need to own nice, shiny new things. One of the girls I work with, like half of her paycheck goes towards rent-to-own items (everything from her computer to her furniture) and layaway. I've tried to discuss the logic of this with her but... yeah. Some people either don't get it or just don't care.
I don't see why there should be a fee to lay a way things. This is a way for people to get a special something for their kids without getting in debt. Adding on $100 they may not be able to do it then. I think it is a rip off.
As a long-term retailer, I understand the fees and interest. If it is on hold for someone, it can't be sold to someone else, and of course it takes the retailer's time away from other customers. There should be a limit though and everything should be posted/people informed before the deal is made.
Or you could just save your money and buy your new toy when you can afford it. I didn't know they even still did lay-away. I thought that was gone from the modern era.
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Yes, I know many people wind up in serious debt problems through no fault of their own. If I get myself thrown in the hospital right now, I'd be feeling the financial repercussions for years to come. Pretty hard to buy a house without a mortgage. (And good luck selling at the price you bought it for.) School loans. Etc.
BUT.
When it comes to buying Christmas presents or the like, you do have *some* say in how your money is spent! I don't know who is supposed to tell people this. I feel it shouldn't have to be a US Senator. I guess I expect parents to cover that.
If you can't afford it...don't buy it. SAVE UP until you can afford it. THEN go buy it. I know saving is hard, especially in difficult times. But this sounds like a Rent-A-Center rent to own deal that is just a terrible idea. WHY?
Sorry for randomly ranting on your post. I just...hate to see families get themselves into trouble.
Reply
I never heard of their being interest.
My mother used to do it and she said it was just like making payments. Never said that the prices went up. :/
Thanks for the warning~
Reply
Unfortunately, such things are going to appeal to a certain demographic who feel the need to own nice, shiny new things. One of the girls I work with, like half of her paycheck goes towards rent-to-own items (everything from her computer to her furniture) and layaway. I've tried to discuss the logic of this with her but... yeah. Some people either don't get it or just don't care.
Reply
Reply
Or you could just save your money and buy your new toy when you can afford it. I didn't know they even still did lay-away. I thought that was gone from the modern era.
Reply
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