As consumers watch their spending budgets, retail layaway plans could be a way to lock in a good sales price.
Layaway allows shoppers to make payments on a purchase over several weeks until its paid in full.
Shoppers however, should be mindful of layaway contracts, fees, and down payment requirements.
A missed payment could result in extra fees or the merchandise being put back on the shelf.
The National Foundation For Credit Counseling says it may be cheaper to put money in a savings account for big ticket items.