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: With holiday season approaching, I was wondering if I should look for layaway plans or if I should use my credit cards for purchases?
Like most questions I receive on money and saving, this one has more to do with behavior than finance. Why pay now when you can pay later, right? For example, people who pay with credit cards tend to spend significantly more than those who pay with cash. Doling out cash for purchases is more emotionally painful than swiping the card.
Cash, however, isn't always an option, especially in the wake of The Great Recession! If little Joey wants a new Wii
, complete with a few games and accessories, and you don't have an extra $300 or $400 at the moment, you may be relieved to know that many big box retail chains offer layaway programs, especially during the holiday season.
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