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Five years ago retail chains that still offered layaway plans were pretty much phasing them out. Not only were shoppers flush with the riches from their home-equity lines of credit, but even jobless twentysomethings were whipping out their platinum cards. The need for a store-administered deferred-payment plan like the layaway had largely disappeared, gone the way of coupon books and S&H Green Stamps.
What a difference a recession makes. As the holiday shopping season approaches, not only has layaway made a comeback, but it's also arguably bigger than it was in the old days.
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