All credit to the guys who brought back the retail lay-by

Business

All credit to the guys who brought back the retail lay-by

Now banks are seeing the sense in the buying option for big ticket items – it’s no longer a relic of the 1990s

Londiwe Buthelezi

In the 1990s, big ticket items from furniture to clothes were planned and saved for using the lay-by payment method. 

TFG, Game and Pep Stores are among the few big brands that kept this payment option alive. Truworths also announced in 2018 that it is bringing back the lay-by option. On Monday, Nedbank said it will soon bring back this buying option to merchants who use its point-of-sale (POS) devices.

Making lay-by a serious option again has many benefits: it takes away the instant gratification habit that is instilled by credit cards in young people who are still learning money management skills. It also comes with no interest...

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