I thought this article about big ticket layaways from CNN.Money was interesting.
I also realized that my most expensive piece of art was bought via "layaway" although that term was never used by me or the gallery. I had decided that I really wanted to purchase a particular work of art. True to my $100 rule*, I had waited many weeks or months before actually initiating the purchase. When initiating the sale I asked if I could pay over time and the gallery agreed. We set up a monthly auto payment on my debit card and I paid for the art over time.
How about you, have you ever utilized "layaway" for a luxury item (in my mind art is a luxury purchase).
*For those that are not familiar with the $100 rule, we wait a day for every $100 an item might cost. So a $1000 item requires at least a 10 day cooling off period. We also live by the $300 rule, any purchase over $300 must be discussed and agreed to between the two of us.
My feeling are mixed, at first it just sounded like an interest free consumer loan. Then thinking about it they helped you save for a unique item that maybe won't have been available when you have saved up enough to buy it outright. Interesting.
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