In tough times, layaway makes a comeback

[chloe0724]

Aware of the perception, eLayaway recently began offering the option of paying a flat $8.95 instead of the 1.9 percent service charge, automatically filing a report with Fair Isaac Corp. every time a payment is made on schedule, so customers with poor credit can rebuild their credit ratings.

[hopeforus]

I'm excited to hear this

[Minnymouth]

As a kid, (and now I'm an ole lady), I can remember Mom doing her "layaways" for Christmas in Aug and Sept. They didn't have the 60 day limits then. You could put something on layaway (clothes, furniture, etc) and leave it till it was paid off (as long as you paid on it regularly).....
Gosh, that's about how half of the stuff in our home was bought growing up.....
Also my folks used "90 days same a cash" a lot when buying stuff.....

[allavdj]

I think it's great to see the layaway coming back, truly safe credit. Might be doin' some layaway's myself this year given the current crunch.

[chloe0724]

I like the fact that the online comapny reports to FICO. It's a great way to rebuild your credit without credit cards.