That dream vacation that seems financially unreachable can now be had through an age-old payment method: layaway.
For as little as $100, you can book and start a payment plan for trips almost anywhere in the world.
“Layaway gives people flexibility and the ability to afford a vacation when everyone is watching their pennies,” said Laurie Bowden, vice president of strategic accounts at , a division of Sears Holding.
The pay-before-you-buy method has been around since the Depression, another time when credit was tight and jobs were scarce. Retailers have resuscitated the practice since the recession started, as a means to encourage consumer spending. Consumers have used it not only to purchase big-ticket items and vacations, but also as a money-management tool.
“It has allowed more people to commit earlier to a trip and to commit more often,” said Marty Seslow, vice president of marketing and sales for . “We are seeing more and more bookings early in the year for trips in September, October and November.”
