Black Friday Deals

Walmart made the news earlier this month by announcing a special layaway option for it’s 2011 holiday shoppers. Then Sears and Kmart declared National Layaway Week to help kick off the holiday shopping season. All of this news about the return of layaway made a splash since the dismal state of the American economy is putting a serious strain on many families’ holiday shopping budgets. Layaway programs largely fell out of favor with retailers and shoppers alike in the last twenty years, with Walmart cancelling their own program in 2006. However, for the 2011 holiday shopping season, Walmart’s press release makes it clear that they want “to help families deliver a big Christmas this year” by reinstating the program. The discount chain also decided to slash prices on some toys beginning September 12th, the earliest they’ve ever done so in anticipation of the holiday season.

Pay for holiday gifts in installments with layaway programs at your favorite stores.

But Walmart isn’t the only major retailer out there offering layaway in 2011! Many of your favorite stores are hoping to make the holidays easier on your wallet this year with layaway programs of their own. It’s even possible to do layaway online! We’ve assembled a list of stores where you can pay for those big ticket items over time.

Best Buy

Make a 25% down payment, plus a 5% nonrefundable layaway fee. Best Buy requires a minimum purchase of $250, but keep in mind that you can include several items to meet that total. Payments are made every two weeks until the balance is paid in full. Items that are ineligible for layaway include clearance, promotional, closeout and discontinued items. For complete details:

Big Lots

Although it’s not well-publicized and information about it can be hard to find, Big Lots offers “price holds” on select items at select locations. Price holds usually are limited to upholstery, but it’s definitely worth asking about if there’s a particular piece of furniture that you want to buy. To qualify for a Price Hold, customers must put 10% down and pay off the balance within 90 days. Terms may vary by location, so be sure to ask how price holds work at your store locally.

Burlington Coat Factory

Pay a 20% deposit and a $5 service fee to initiate a 60-day layaway. The second 20% payment must be made within 14 days. Canceled orders will result in a $5 fee. Any refunds resulting from the cancellation or return of layaway merchandise will be placed on a store gift card. No cash refunds will be made. For complete details:

Hallmark

Pay 20% down. Other terms may vary by store location.

Kmart

Available in store and online (for all items marked with the layaway icon). Pay $15 or 10% down (whichever is greater) and a $5 initiation fee. Then, make payments over an eight-week period. A $10 fee applies to all canceled orders. All online orders must be picked up in store. For complete details:

Marshall’s

Pay 10% down and a $5 service fee. Merchandise must be paid off and picked up within 30 days. Not offered in all stores. Use the store locator on their website to locate a participating store near you (noted by a little hanger icon). Jewelry and clearance items do not qualify for layaway.

Sears

Available in store and online for all items marked with the layaway icon. Pay $15 or 20% down (whichever is greater) and a $5 initiation fee. Then, make payments over an eight-week period. A $10 fee applies to all canceled orders. All online orders must be picked up in store. For complete details:

TJ Maxx

Pay 10% down and a $5 service fee. Merchandise must be paid off and picked up within 30 days. Not offered in all stores. Use the “Find a Store” function on their website to locate a participating store near you (noted by a little hanger icon). Jewelry and clearance items do not qualify for layaway.

Toys ‘R’ Us

Large ticket items like bikes, dollhouses, play kitchens, car seats and strollers may be placed on layaway. Must make a 20% deposit, pay all applicable taxes and pay a $10 service charge at the time the item is placed on layaway. All items must be paid for by Dec 6 to be available for pickup before Christmas. Canceled orders will result in a $5 fee. Layaway is currently offered in stores only. Stop by a Toys ‘R’ Us for complete details.

Walmart

Layaway toys and electronics with 10% down and a $5 service fee. Total purchase must be over $50, and each individual item must be $15 or more. The layaway program starts October 17, and all purchases must be paid for and picked up by December 16. Not available online.

These innovative sites bring old-fashioned layaway plans to the world of online shopping. Stores that caught our eye included Best Buy, Walmart, Amazon, Apple Store, Disney Store and Carnival Cruise Lines. Customers add items to the shopping cart like any other store, then choose the number and amount of payments to make. These sites do charge anywhere from 1.9 to 3%, but that’s a pretty good deal considering that the interest rate on your credit card is probably a lot higher. One potential con is that the online layaway provider may be getting the item for a lower price than it’s charging. This article from FOX Business recommends comparison shopping on various online layaway sites for the best overall deal, and looking for services that match the store’s price.