Lay-a-way next fiasco?

Lay-a-way next fiasco? (Full Version)

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tazzygirl -> Lay-a-way next fiasco? (11/13/2011 2:35:42 PM)
ALBANY, N.Y. -- The return of layaway plans this holiday shopping season is raising concern that the break from credit cards might actually cost consumers far more. For example, a rock `n' roll Elmo doll that requires a $5 layaway fee and a 10 percent down payment for a month can equal a credit card that charged more than 100 percent interest, U.S. Sen. Charles Schumer said Sunday. Schumer is asking major retail associations to direct their members to more clearly present their layaway fees to customers. The Democrat says the ultimate cost of a layaway with a $5 fee can equal 40 percent interest over a month or two for many common purchases compared to the annual rates of most credit cards. Read more: http://www.foxnews.com/politics/2011/11/13/schumer-targets-lay-away-charges-as-next-credit-fiasco/print#ixzz1dcwwBZ00 Meet the next "bubble" folks... lol In all honest, he is a Democrat, and he is stupid. Law-a-ways help many low income people buy christmas for their familes. He gives an example... Most are only 8 weeks... most people put more than one item on layaway.. and people have been well aware of the costs associated with its use. I see this as taking money out of the credit card companies. Many people dont have credit cards......Are the CC companies putting pressure on some members of Congress?

Aylee -> RE: Lay-a-way next fiasco? (11/13/2011 3:13:44 PM)
I don't understand his math. If the doll is fifty bucks, the fee is only ten percent, not one hundred percent.

tazzygirl -> RE: Lay-a-way next fiasco? (11/13/2011 3:14:40 PM)
His whole complaint doesnt make sense.... unless he is getting pressure. Honestly, if poor people cant get credit, and this is taken away, talk about the Grinch that stole christmas!

LillyBoPeep -> RE: Lay-a-way next fiasco? (11/13/2011 3:16:54 PM)
i think credit card companies are unhappy to see layaway making a comeback. walmart got rid of layaway in favor of the credit card it was offering, but more and more people aren't qualifying for things like that anymore. i think this conflict is why walmart's layaway is only during the christmas season. so yeah, i think credit card companies are worried about what this might mean.

DomKen -> RE: Lay-a-way next fiasco? (11/13/2011 3:17:59 PM)
quote: ORIGINAL: Aylee I don't understand his math. If the doll is fifty bucks, the fee is only ten percent, not one hundred percent. Ten percent over a month. over a year...

thompsonx -> RE: Lay-a-way next fiasco? (11/13/2011 3:19:11 PM)
quote: ORIGINAL: Aylee I don't understand his math. If the doll is fifty bucks, the fee is only ten percent, not one hundred percent. Your math is for one year. His math is for the one month. 12x10=120%

tazzygirl -> RE: Lay-a-way next fiasco? (11/13/2011 3:21:10 PM)
I know KMart has one, Walmart and Sears... not sure about other companies, besides some furniture stores... oh and a few jewelry stores.

tazzygirl -> RE: Lay-a-way next fiasco? (11/13/2011 3:22:21 PM)
quote: ORIGINAL: DomKen quote: ORIGINAL: Aylee I don't understand his math. If the doll is fifty bucks, the fee is only ten percent, not one hundred percent. Ten percent over a month. over a year... No layaway is for a year

thompsonx -> RE: Lay-a-way next fiasco? (11/13/2011 3:33:43 PM)
quote: ORIGINAL: tazzygirl quote: ORIGINAL: DomKen quote: ORIGINAL: Aylee I don't understand his math. If the doll is fifty bucks, the fee is only ten percent, not one hundred percent. Ten percent over a month. over a year... No layaway is for a year For example, a rock `n' roll Elmo doll that requires a $5 layaway fee and a 10 percent down payment for a month can equal a credit card that charged more than 100 percent interest, U.S. Sen. Charles Schumer said Sunday. Your op and your cite says one month now you say it is for a year. Which is it? Do you put something on layaway this december for christmas next year?

tazzygirl -> RE: Lay-a-way next fiasco? (11/13/2011 3:35:49 PM)
Nope. Layaway, like at Kmart or Walmart are limited to 8 to 12 weeks. I never said it was for a year. My meaning was.. no layaway,the types that would allow you to put down a tickle me elmo, will run for a year

thompsonx -> RE: Lay-a-way next fiasco? (11/13/2011 3:41:13 PM)
quote: ORIGINAL: tazzygirl Nope. Layaway, like at Kmart or Walmart are limited to 8 to 12 weeks. I never said it was for a year. My meaning was.. no layaway,the types that would allow you to put down a tickle me elmo, will run for a year quote: No layaway is for a year ] Please take your feet out of your mouth I cannot understand a thing you are saying.

tazzygirl -> RE: Lay-a-way next fiasco? (11/13/2011 3:42:54 PM)
yes... no.... layaway... is.. for.. a .. year... none... not a single one slow enough for you to understand? for it to be taken the way you wanted to take it, I would have posted... No. Layaway can be for a year. [8\|]

thompsonx -> RE: Lay-a-way next fiasco? (11/13/2011 3:44:28 PM)
quote: ORIGINAL: tazzygirl yes... no.... layaway... is.. for.. a .. year... none... not a single one slow enough for you to understand? for it to be taken the way you wanted to take it, I would have posted... No. Layaway can be for a year. [8\|] quote: Please take your feet out of your mouth I cannot understand a thing you are saying.

DomKen -> RE: Lay-a-way next fiasco? (11/13/2011 3:47:02 PM)
quote: ORIGINAL: tazzygirl quote: ORIGINAL: DomKen quote: ORIGINAL: Aylee I don't understand his math. If the doll is fifty bucks, the fee is only ten percent, not one hundred percent. Ten percent over a month. over a year... No layaway is for a year But if you treat the $5 fee as interest like it would if it was a CC purchase instead. Then you would treat the $5 as interest charged. $5 on $50 in one month is an APR of 120%

Aylee -> RE: Lay-a-way next fiasco? (11/13/2011 3:50:25 PM)
But it is a one time fee and the additional ten percent goes towards the purchase price. If I understand how lay-away works. quote: ORIGINAL: DomKen quote: ORIGINAL: Aylee I don't understand his math. If the doll is fifty bucks, the fee is only ten percent, not one hundred percent. Ten percent over a month. over a year...

tazzygirl -> RE: Lay-a-way next fiasco? (11/13/2011 3:51:15 PM)
120% for the year. What is it for 2 months? 3 months? And, while you are considering that... how else do you propose someone with a low income best utilize their meager amount of money to its best advantage for christmas?

DomKen -> RE: Lay-a-way next fiasco? (11/13/2011 3:52:13 PM)
quote: ORIGINAL: tazzygirl 120% for the year. What is it for 2 months? 3 months? And, while you are considering that... how else do you propose someone with a low income best utilize their meager amount of money to its best advantage for christmas? Did I say it was a bad thing? I'm just explaining how it works out to an annual interest rate of over 100%

tazzygirl -> RE: Lay-a-way next fiasco? (11/13/2011 3:53:28 PM)
quote: ORIGINAL: Aylee But it is a one time fee and the additional ten percent goes towards the purchase price. If I understand how lay-away works. quote: ORIGINAL: DomKen quote: ORIGINAL: Aylee I don't understand his math. If the doll is fifty bucks, the fee is only ten percent, not one hundred percent. Ten percent over a month. over a year... Here is how Kmart's works. http://www.kmart.com/shc/s/dap_10151_10104_DAP_Kmart+Layaway?sid=KSx20070515x00001d&psid=42x208019#tab2

thompsonx -> RE: Lay-a-way next fiasco? (11/13/2011 3:58:00 PM)
quote: ORIGINAL: Aylee But it is a one time fee Yes, one time fee charged for a period of one month on a fifty dollar purchase is 120% and the additional ten percent goes towards the purchase price. No one hs said anything about the ten percent which goes towards the pruchase. Since you bring it up lets look at it. If you put ten percent down that makes the price of the item $45. Now you are paying the five dollar layaway charge on $45 and not $50 which makes the annual percentage rate a little over 133% not 120% If I understand how lay-away works. quote: ORIGINAL: DomKen quote: ORIGINAL: Aylee I don't understand his math. If the doll is fifty bucks, the fee is only ten percent, not one hundred percent. Ten percent over a month. over a year...

tazzygirl -> RE: Lay-a-way next fiasco? (11/13/2011 4:01:25 PM)
What people see who use this system... and what they all understand... is that 100 dollars on layaway costs 105 to be allowed to make payments on those items. 300 would cost 305 for 8 weeks... or 310 for 12 weeks.

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