I just went down to Wal-Mart this morning to put in my obligatory Christmas layaway...only to find out that Wal-Mart is phasing out layaway. While I was taken a bit aback, I suppose I shouldn't have been entirely surprised. Like charge-a-plates and soda fountains, layaway is an idea from a different era, one where people didn't overextend themselves with credit cards that charge exorbitant interest and fees.
According to this press release,
“Demand for layaway service has declined steadily as consumers turn to other options, such as online shopping, gift cards and no-cost credit alternatives,” said Pat Curran, executive vice president, store operations, Wal-Mart Stores Division. “To assist our customers, we are offering one last opportunity to use layaway service this Christmas season.”
I'm not sure which "no-cost credit alternatives" Curran is speaking of unless he/she means cash, an always welcome "no-cost credit alternative."
I knew layaway was on the way out a couple of years ago at Christmas when I noticed the ever-growing outbuildings behind my local Wal-mart. Given the money it costs to warehouse all that stuff, plus staffing the layaway department (particularly at Christmas when it is used the most), I can see nixing layaway as a no-brainer to any large retailer.
Unfortunately, those who use layaway the most are the ones who will be most hurt by it: the poor, those without good credit, large families. I don't fit into any of those categories; I'm just cheap. But there have been a few years when the Christmas tree would have looked awfully bare without layaway. I'm really sad to see it go.
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