You would bring an item to the layaway counter, like maybe a toaster or a stereo component and put some money down. They would then put your item in a bin and issue you a payment card with the balance owed. Once you had the balance paid off, they'd take the card and hand you your item.
The complete OPPOSITE of how it is done today.
I recently bought some hiking shoes online. As I was checking out, I was given an option of making four monthly payments. For hiking shoes? I just paid the entire amount but I thought that was crazy, setting up a payment plan for hiking shoes. No wonder some people are having financial issues.
The old layaway plans are the opposite of financial sense when it comes to material goods. They lose value far more than you’d pay later.
Yes, usury credit rates aren’t much better, but delaying the ownership breaks the fundamental principle of time money value.