APNewsBreak: Senator Warns of Layaway's Cost

Sunday, 13 Nov 2011 10:50 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

ALBANY, N.Y. (AP) — U.S. Sen. Charles Schumer is pushing retailers to clearly show how layaway plans can actually cost a consumer more than using a credit card.

Schumer is asking major retail associations to advise their members to more clearly present their layaway fees to customers. The Democrat says the ultimate cost of a layaway with a $5 fee can equal 40 percent interest over two months.

Major retailers nationwide are reviving the layaway plan that started during Great Depression as a way to help low-income people without access to credit to buy presents during the holidays.

Schumer says if retails don't comply, he will ask the Federal Trade Commission whether the practice is deceptive or misleading.

Stores see a need because many low-income consumers may have maxed out on credit cards.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Lara Spencer Named Co-Host of 'Good Morning America'

Friday, 18 Apr 2014 15:29 PM

Lara Spencer is being promoted to co-host of "Good Morning America," ABC News announced Friday.  . . .

Howie Carr: Open Borders Bring Boston Marathon Bombings

Friday, 18 Apr 2014 14:38 PM

The case of the Tsarnaev brothers, the alleged perpetrators of the Boston Marathon bombing, is symptomatic of the porous . . .

US to Extend Keystone XL Comment Period, Delaying Decision

Friday, 18 Apr 2014 14:32 PM

The U.S. State Department will on Friday extend the government comment period on the Keystone XL pipeline, said sources  . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved