Not too many people are aware of layaway plans these days. It used to be that layaway was the main means by which many Americans made huge purchases. When credit cards became so prevalent, however, layaway plans suddenly didn’t seem that attractive. With the current downturn in global economics, however, layaway plans are suddenly making a comeback. You can see this in the move being made by big companies such as Sears, wherein customers can pay a mere $15 and then pay off the rest in installments.
As for the travel sector, it seems that they are seeing the immense possibilities that will be opened up if they offer layaway packages as well. Based on a report published by Mercury News, big names in the travel industry are joining the layaway bandwagon. Hyatt Hotels and Resorts are planning on marketing gift cards and check certificates soon. This is according to eLayaway.com, a service which manages layaway plans for various merchants.
I find this to be a very appealing prospect. For one, you do not have to add on to the credit bill that you may already have. Another, more obvious, reason is that it can be hard to come up with the cash necessary for a trip these days. With layaway plans available, traveling would be so much more possible for many people – and that includes myself!
You have to be aware, however, that there can be disadvantages to layaway travel plans. One such disadvantage is that cash transactions are not covered by the same consumer protection programs that cover credit card transactions. Still, it is one option to consider.