Walmart is struggling to end its declining same store sales, which have faltered over the past nine consecutive quarters. It's no wonder: With massive unemployment, discount retailers have to pull out all the stops to win over new customers, or even retain the ones they have. Re-enter layaways, which Walmart shelved in 2006.
This holiday season, layaway is making a comeback at several large retailers. Layaway is the process of buying an item which you leave at the store and pay for over time, often with a one-time service charge but no credit check. It's not a perfect system, but here's why it beats those "no interest/no payments for X months" deals hands-down.