Some of us will be old enough to remember Layaway or Laybys. Before credit card use became the norm people could opt to Layaway a purchase. The store would hold the purchase for you in their store room and the purchase would be paid off over a period of time; usually around 8 weeks. Almost like saving for it first, but they would hold your product so you wouldn’t miss out. Great for avoiding Christmas debt regret.
The great advantage to Layaways was there was no interest charged on the purchase so you would be paying only for the product and nothing more. Layaways are perfect when purchasing gifts. They could be purchased and stored at the shop and paid off over a length of time, picked up right around the time you needed to find a hiding place that the kids couldn’t find before the big day. (Come on. You know you all searched for Christmas presents before hand. AND I bet you’ve all peeked if you found them.)
Many stores have stopped providing Laybys but it’s worth asking if they still do. Not only is it a great way of getting the shopping out of the way before all the Christmas chaos shoppers take over the shopping centre, it means that you don’t pay anymore than the purchase price and find yourself experiencing a debt crisis when you receive your credit card bill after the party is over. Talk about debt regret plus plus!
The most well known layby that comes to mind is the Christmas hampers that you can pay off all year and receive a massive delivery of food, alcohol, and even toy’s or presents. Paying a small amount each week through out the year takes all the stress out of finding money for making Christmas that big foodie occasion.
If you’re facing financial hardship over the Christmas period we are here to talk about a solution. Call us on 1300 887 211 or Book a Free No Obligation Phone Consultation with our friendly team and we can discuss debt management options specially focused on your personal situation.