Fox Business, October 10, 2012, Wednesday

Fox Business

October 10, 2012, Wednesday

Fox Business (full article)

Mistletoe and…Layaway? The Popular Holiday Payment Plan Makes a Comeback

Louis Hyman, a professor at Cornell University’s School of Industrial and Labor Relations, is perhaps one of layaway’s biggest critics, arguing there’s only one instance consumers should use layaway. He advises families to think about what’s best for their bottom lines before heading out to the stores to get a head-start on holiday shopping.

“It’s better economically for a family to put money in a coffee can, or go to a bank and open a savings account for gifts,” he said. “The only reason layaway makes sense is if you think a store will run out of things to sell you for Christmas. But for most people, (stores) won’t run out of things to sell.”