Layaway vs. Credit Card, Why not Save?

By Jenny Kim | December 23rd, 2008

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Response

Now that layaway has been gaining popularity, it makes me think if it is any better than a credit card.

What is Layaway?
A payment plan in which a buyer reserves an article of merchandise by placing a deposit with the retailer until the balance is paid in full. Which also means, you are paying for something you don’t have until you pay it off. What’s the point of buying things when you don’t get it right away?

What is Credit Card?
A plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit. Which also mean, you are borrowing someone’s money to buy things. Many people are going into a lot of credit card debts because they are spending money that they don’t have. This is one of the reason why our economy is doing bad right now.

What is Saving?
To avoid the spending, consumption, or waste of. Why waste money on something that you don’t have by doing layaway? Why use credit card when you don’t have the money to pay for it. Save your money and pay for the goods that you want.

I notice a lot of people have a really bad spending habits (including myself) and here is a website that may help you control that tempation: Spendster

I say, forget layaway and credit cards and start saving.