Layaway Your Getaway

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Saving up for your summer vacation? Why not put your getaway on layaway?

Last week Sears launched searsvacations.com; a full service website that allows customers to pay off their vacation a little bit at a time. Through the layaway plan you put down 10% on trips ranging from cruises to tropical resorts. The rest of the trip is paid off in increments you decide upon before you jet off.

When the recession first hit; layaway programs were revived by most retailers. They were a way for people to get the things they needed without cleaning out their bank accounts in one go. However the vacation deal is a step in a new direction and so far Sears is the only retailer to take it.

The director of public relations for the company says its customers appreciate more flexible payment options but not everyone is a fan of the breathing room. One certified financial planner says layaway ties you into paying for a vacation you might not end up taking. So remember to read the fine print; additional fees and penalties don’t travel well.