Better Biz Bureau Warns: Learn About Layaway

Long ago, layaway seemed to have fallen by the wayside.

But the once popular purchase plan is back. And the Better Business Bureau is warning shoppers to learn the details of each store's operation before diving in for a long-term purchase.

"Layaway services can be a great alternative to the using a credit card," said Steve J. Bernas, president & CEO of the Better Business Bureau serving Chicago and northern Illinois. "However, it's extremely important that customers take note of the fine print and know what to expect."

When considering making a purchase on layaway, the Better Business Bureau recommends getting the policy in writing and asking these particular questions:

• How much time do I have to pay off the item?
• When are the payments due?
• How much do I have to put down?
• Are there any storage or service plan fees?
• What happens if I miss a payment? Are there penalties? Does the item return to inventory?
• Can I get a refund or store credit if I no longer want the item after making a few payments?
• What happens if the item goes on sale after I've put it on layaway?