Layaway is popular this back-to-school season


Walletpop told you last year about Kmart reintroducing America to the concept of layaway purchasing, where you pay for an item in a series of installments before you actually take possession of it.

Before banks started handing out credit cards to anyone with a Social Security number and a pulse, layaway was the go-to method for acquiring something priced beyond your means. You didn't get the instant gratification of a credit card, but you also didn't rack up any interest or finance charges.

In the teeth of a gale-force recession, America has once again embraced layaway, with the back-to-school shopping season in its final weeks.

Originally published