10:39 PM EST, November 29, 2011
With Black Friday over and Cyber Monday also gone, there's one more option for shopping procrastinators on a tight budget. Financial experts warn however, it may not be the best option for everyone.
This close to Christmas, layaway might not work in your favor. You have to take in to account upfront fees, the money you'll pay over the next three weeks, and if you have to pull out, you could end up losing money.
"Really what you're paying for with layaway is the structure and the mental commitment that you are agreeing (to)," says Rod Nunez of Freedom First Credit Union.
Depending on where you shop, you may have to put down a down payment which could also factor into money you don't get back if you don't go through with making the purchase.
As in the case of credit cards, financial experts advise you to read the fine print before you commit.
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