Layaway making a comeback - News, Weather & Sports

Layaway making a comeback

Walmart is one of many retailers offering layaway. Walmart is one of many retailers offering layaway.

LOUISVILLE, KY (WAVE) – An old-fashioned way of attracting customers is making a comeback just in time for the holidays and some of the biggest retailers around have latched onto the idea.

Walmart's resurrecting layaway again this year and it will start earlier with reduced fees. Other heavy hitting retailers like Toys R Us, Sears and Kmart are following.

"It's an about-face from companies saying layaway us this old thing that nobody wants to do… to people saying layaway is a way that we can compete for holiday dollars," said Allison Linn, NBC News Digital Finance Writer.

Obviously, layaway's comeback is geared toward Christmas 2012 and analysts like Linn have an idea what retailers are thinking.

"I've got them in the door in September buying an item at full price that they might be tempted to buy from a competitor on Black Friday for less money," she said.

It is a way for retailers to sell products to customers who do not have the cash on hand to purchase it out right and who do not or cannot use a credit card.

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