Walmart Layaway

[wvjules]

I do have excellent credit! I have a few major CC's, all with No or Low balance. So much so that my Car loan company has even lowered my already low Interest Rate on my car payments. Very lucky here!

However I have ONLY been turned down once for a Credit Card ........Guess who that was??? WalMart!

I did get a FREE umbrella out of the deal!

I think they will lower their requirments on the Wal-mart card. Obvously not on the Discover, but the store card.

 

[summerrluvv]

You can avoid outrageous interest charges if you use a credit card by paying the balance in full by the due date.

What's the difference between that and using lawaway for a month? Either way, you don't have the money to pay for the entire purchase up front.

 

[wvjules]

What's the difference between that and using lawaway for a month? Either way, you don't have the money to pay for the entire purchase up front.

The only difference is Wal-mart doesn't have to pay employees to man the layaway desk, restock, etc. There is no difference for the consumer and that was my point.

 

[summerrluvv]

The only difference is Wal-mart doesn't have to pay employees to man the layaway desk, restock, etc. There is no difference for the consumer and that was my point.

Exactly. My point was that people in this thread that are degrading lawaway but not degrading using a credit card and paying it off in full really have no leg to stand on since both are basically the same thing.

 

[wvjules]

So we have the same point. lol

 

[cardaway]

Exactly. My point was that people in this thread that are degrading lawaway but not degrading using a credit card and paying it off in full really have no leg to stand on since both are basically the same thing.

But layaway is usually used for a period longer than the typical monthy CC billing cycle so IMO they are not comparable.

 

[wvjules]

What's walmart layaway? 6 weeks or so? So from date bought, cycle closing date to due date of payment would be about the same.

 

[Shugardrawers]

What's walmart layaway? 6 weeks or so? So from date bought, cycle closing date to due date of payment would be about the same.

I believe it's 90 days in most circumstances. That's a LOT longer than a typical credit card billing cycle.

The amount of credit card debt in this country is out of control and encouraging people who may not have the means or self discipline to use it correctly is just irresponsible. Why do you think everyone else is paying such high interest rates? To make up for the people who wind up in bankruptcy. Although we have 2 major credit cards, neither one has a balance and we like it that way. If we have a MAJOR emergency such as expensive car repairs or a death in the family we have a means to handle it. Otherwise, if we don't have the cash we don't buy it.

I used layaway frequently. It helped me budget for things I could buy on sale and pay off in a few weeks. When I walked out of the store with it, I owed a debt to no one. It was mine free and clear. That's a good feeling.

Too many posters here are making judgements regarding social status and sense of responsibility based on their use of layaway. Sometimes it makes the best financial sense for a family and learning to delay gratification and save toward a goal is a pretty good skill to have.

 

[wvjules]

I'm not bashing Wal-mart layaway or those that use or depend on it. I've been known to use it. I'm just saying that there are alternatives. A good alternative...KMart! They still have layaway.

 

[Shugardrawers]

I'm not bashing Wal-mart layaway or those that use or depend on it. I've been known to use it. I'm just saying that there are alternatives. A good alternative...KMart! They still have layaway.

As much as I dislike Kmart lately, when it comes to a brand name item I know I can trust, they'll be getting my money if I need to put it on layaway. I understand for Walmart it's a business decision. Heck, I really want to see them succeed since Dh just inherited a buttload of Walmart stock from his grandmother but I'm disappointed that option won't be available to me there. I'll live but I can see where this will cause a hardship for some families.

 

[Tiffer]

I believe it's 90 days in most circumstances. That's a LOT longer than a typical credit card billing cycle.

The amount of credit card debt in this country is out of control and encouraging people who may not have the means or self discipline to use it correctly is just irresponsible. Why do you think everyone else is paying such high interest rates? To make up for the people who wind up in bankruptcy. Although we have 2 major credit cards, neither one has a balance and we like it that way. If we have a MAJOR emergency such as expensive car repairs or a death in the family we have a means to handle it. Otherwise, if we don't have the cash we don't buy it.

I used layaway frequently. It helped me budget for things I could buy on sale and pay off in a few weeks. When I walked out of the store with it, I owed a debt to no one. It was mine free and clear. That's a good feeling.

Too many posters here are making judgements regarding social status and sense of responsibility based on their use of layaway. Sometimes it makes the best financial sense for a family and learning to delay gratification and save toward a goal is a pretty good skill to have.

I agree. Also, using lay-a-way for 90 days and making payments avoid interest chargeson credit cards that accrues during that period. If is more fiscally resposible than a credit card

 

[Tiffer]

I'm not bashing Wal-mart layaway or those that use or depend on it. I've been known to use it. I'm just saying that there are alternatives. A good alternative...KMart! They still have layaway.

I don't have a K-mart near me

But luckily, I am goign to WDW this Christmas, and THAT's the big gift! Won't have to do much shopping. But judging someone based on their use of lay-a-way is insane.

 

[Tigger&Belle]

I'm not bashing Wal-mart layaway or those that use or depend on it. I've been known to use it. I'm just saying that there are alternatives. A good alternative...KMart! They still have layaway.

Good? You haven't been to our K-Mart!

I think the people who are bashing layaway or making any kind of judgements need to remember the expression, "There but for the grace of God go I".

Credit cards are not for everyone--layaway seems like a viable alternative for some people. Too bad that it's abused by some and that Wal-Mart is losing money.

 

[DaisyD]

What's the difference between that and using lawaway for a month? Either way, you don't have the money to pay for the entire purchase up front.

Not quite. I use a CC for everything. It isn't because I don't have the money to buy the stuff. It's just that I don't want to carry that much money around on me. We charge everything, including groceries and pay it off every month. If I remember correctly the layaways were a lot longer then a month. No comparison if the CC gets paid every month.

 

[Hannathy]

I'm not degrading Lay away or the people who use it, What I am saying is that as a customer if it is costing Walmart money which translates into higher costs for me I'm glad they are discontinueing it.

 

[DaisyD]

Exactly. My point was that people in this thread that are degrading lawaway but not degrading using a credit card and paying it off in full really have no leg to stand on since both are basically the same thing.

You are so wrong. Obviously you aren't able to use a CC on a daily basis for convenience and then pay it off each month. It has nothing to do with not having money and everything to do with convience. Oh, and those nice little CC extras we get!

 

[kydisneyfans]

There is an article in today's Lexington Herald Leader regarding the change, and how much the local KMArt's sales have increased since the announcement by Wal Mart. Several interviewed by the paper stated they were at KMart solely due to the fact that Wal Mart was doing away with layaway. Meijer still has layaway for those in the Great Lakes region.

I'm not sure that stores really want to encourage credit card purchases over layaway plans. They have to give 2-3% to the CC company for the purchase. For small layaways, that 2-3% is cheaper than manpower, but for high ticket items-I would want to keep that money in house.

Wal Mart seems to be making some tough decisions to shore up the bottom line. They have expanded about as much as they can, and Wall Street knows it. There is a growing trend nationally of people who do not shop Wal Mart any more. Retail goes in cycles-Sears in the 80s, Kmart in the early 90s, WalMart in the late 90s up to now. Who knows what is coming down the pike for shoppers.

 

[Tigger&Belle]

I'm not degrading Lay away or the people who use it, What I am saying is that as a customer if it is costing Walmart money which translates into higher costs for me I'm glad they are discontinueing it.

I agree, however, if customers are abusing the system (ie, waiting for things to go on clearance and then coming back to purchase and getting the clearance price), the system could maybe be changed to make it work for Wal-Mart. Or like one poster said, maybe just be offered during the back to school shopping time and Holiday shopping season. I've never used layaway to know how it works to know firsthand how it is likely abused.

 

[DISUNC]

I don't have a K-mart near me

But luckily, I am goign to WDW this Christmas, and THAT's the big gift! Won't have to do much shopping. But judging someone based on their use of lay-a-way is insane.

I wonder what will some people will do IF WDW stops their LayAway program. No more 200.00 down and pay your trip off!!!!!!!!!!!!!!!!!!!!!

 

[Nancy]

I wonder what will some people will do IF WDW stops their LayAway program. No more 200.00 down and pay your trip off!!!!!!!!!!!!!!!!!!!!!

(wouldn't bother me, cause I can't afford to go even with making payments)