Truth Squad: On Line Layaway Could Keep You Out of Debt
By Gemma Gaudette | KBCI CBS 2 - November 28, 2007
Dave Gardener says he's like most men, he hates the mall, "I like to go buying, I don't like to go shopping."
But he's happy to shop on-line especially now that he's found elayaway dot.com. Gardener says, " It's hard to justify to the spouse that you want to go spend $1500 on a tool. It's a lot easier to say, hey, it's only going to cost us $100 a month, and we're not going to pay any interest."
Here's how it works: say you want to buy an i-pod. You log on and at the elayaway website, you can comparison shop. Once you're ready to buy, you decide the number of payments. Sound too good to be true? That's why there's a bit of a catch: you pay a $1.90 for every $100 dollars you spend. So, if you bought a $200 i-pod, it would really cost you $203.80, plus shipping.
But Dave says the best part is, you're not paying huge interest on your credit card, " We have a whole society of people who are in debt up to their eyeballs, whereas if they're willing to be a little patient, they can do it this way. And when they get their item, it's paid for and it's not hanging over their head."
