A New "Old" Way to Holiday Shop

What had become a relic, is now back with a vengence... Layaway is drawing in more shoppers during this slow economy.

With this holiday season expected to be the worst retailers have seen in years, many are hoping the buy now, pay later layaway will bring in more shoppers. And based on the shoppers spoke with today, it just might work. It's no longer passe. In fact, layaway is once again becoming popular. "Toys, clothes, shoes, jewelry. " TV ads are now running, showcasing the newest old-fashioned way to buy. A recent K-Mart ad is the most popular. Greta Woody is taking full advantage of layaway. "Four dress shirts." A small purchase today, but she'll be back. "I have twelve grandkids, so probably."

Although cheaper than credit cards, layaway isn't free, says Burlington Coat Factory manager Barb Aud. "There's a five dollar fee to put it in, and should you cancel, there's a five dollar restocking fee." But that didn't seem to bother some shoppers we met today.  "As a single parent I am always drastically upset about how am i going to make sure the kids have a great Christmas,' says JoAnn Argo. Jaye Bailey says, "It makes my money go further. I can have a little of this, a little of that." Along with Burlington Coat factory, you'll find layaway at TJ Maxx, K-Mart, Marshalls and Sears. Expect to pay a small layaway service fee at all of those stores too.