If you have been paying attention to recent news, a number of wealthy individuals and famous people have displayed exceptional holiday spirit by paying off hundreds of people's layaways at Walmart.
Tyler Perry paid off $434,000 of Walmart layaways in Georgia. Gayle Benson, the owner of the New Orleans Saints paid off $93,000 of layaways in New Orleans. She originally did this anonymously but soon her identity was revealed. There have been others across the nation. It dawned on me that many might not know the history of layaway.
Layaway became common during the Great Depression of the 1930s. Layaway was a way for retailers to allow customers to pay out something over a period time without taking merchandise home. This offered a great service to the consumer yet protected the retailer from the possibility of not being able to collect if the merchandise was taken home and simply charged.
It was widely withdrawn during the 1980s,nas the ubiquity of credit cards decreased its utility. Walmart announced in September 2006 that it would discontinue layaway service in all its stores, citing the decrease in demand and a rise in cost of implementation. However, in September 2011, Walmart resumed the service due to the new financial difficulties imposed by the economy and the increased constraints on consumer credit. During the 2012 season, many retailers were heavily advertising their layaway service and offering it for free (or effectively free) if all conditions were met. In contrast, Kmart has been providing layaway in the United States for over forty years, and was at one time the only major national discount retailer offering the service. Other large retailers offering layaway programs include Burlington Coat Factory, Marshalls, Sears, and T.J. Maxx. Toys "R" Us used to offer layaway but went bankrupt.
In this holiday season, as well as year round, random acts of kindness restore our hope that there is good in the world.
Tyler Perry paid off $434,000 of Walmart layaways in Georgia. Gayle Benson, the owner of the New Orleans Saints paid off $93,000 of layaways in New Orleans. She originally did this anonymously but soon her identity was revealed. There have been others across the nation. It dawned on me that many might not know the history of layaway.
Layaway became common during the Great Depression of the 1930s. Layaway was a way for retailers to allow customers to pay out something over a period time without taking merchandise home. This offered a great service to the consumer yet protected the retailer from the possibility of not being able to collect if the merchandise was taken home and simply charged.
It was widely withdrawn during the 1980s,nas the ubiquity of credit cards decreased its utility. Walmart announced in September 2006 that it would discontinue layaway service in all its stores, citing the decrease in demand and a rise in cost of implementation. However, in September 2011, Walmart resumed the service due to the new financial difficulties imposed by the economy and the increased constraints on consumer credit. During the 2012 season, many retailers were heavily advertising their layaway service and offering it for free (or effectively free) if all conditions were met. In contrast, Kmart has been providing layaway in the United States for over forty years, and was at one time the only major national discount retailer offering the service. Other large retailers offering layaway programs include Burlington Coat Factory, Marshalls, Sears, and T.J. Maxx. Toys "R" Us used to offer layaway but went bankrupt.
In this holiday season, as well as year round, random acts of kindness restore our hope that there is good in the world.
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