BBB Advice on Layaway

The Better Business Bureau, a group of private business organizations that dates to 1912 and reports on business reliability and potential fraud, offers up advice about how consumers can best use layaway and avoid pitfalls.

Calling it an “old-fashioned” payment plan, yet acknowledging a double-fold interest in the concept between 2008 and 2009, the BBB has identified layaway as a viable option to credit cards.

“It is a sign of our rough economic times that consumers are turning to layaway to purchase the basics, rather than just luxury items,” stated BBB President Kim States in a November 2009 press release.

The Better Business Bureau advises layaway customers to “get everything in writing.” Additionally, the BBB recommends finding out: how much time you have to pay off the item; when the payments are due; how much money you have to put down; any storage or service plan fees; what happens if you miss a payment; what if you no longer want the item; and what happens if the item goes on sale while on layaway.

Of course, the BBB also suggests determining if the retailer or third-party layaway service has a good BBB rating.

Leave a Reply