It’s not easy being a consumer. In fact, it can be downright confusing because of all the payment choices.
First, you have your cash, your checkbook, credit, and debit cards. And then you have deferred billing, easy payments, skip-a-payment, nothing down, no payments, and the semi-popular deferred double-digit interest rates. And on top of all of that, the fine print. See what I mean? Confusion, pure and simple.
Prehistoric consumers had it easy. Only one choice: chickens. They traded poultry for things they needed. The rules were simple: No fowl? No food, fuel, fun or futons!
Then along came the invention of currency. That gave consumers a second choice—one that caught on quickly since folding a chicken to fit neatly into ones wallet is messy.
A third option was born the day some unknown retailer came up with a creative payment plan, surely named in memory of the good ole’ chicken days: Layaway.
There was a time and not so long ago that every major retail store in the country allowed customers to buy merchandise on layaway. The item was placed in a backroom and customers could take all the time they needed to pay it off. Interest-free. And when they made the last payment, they took the item home. Read more