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Last updated on Friday, November 11, 2011
(UNDATED) - A Purdue University professor Richard Feinberg says consumers thinking of using one of the growing number of layaway programs retailers are offering this year need to read the fine print because some layaway offerings include hidden fees and refund restrictions.
Many retailers used layaway before credit cards became common in the 1980s. Layaway allows consumers under financial pressure to afford gifts because it allows them to put merchandise on hold and pay for it in installments until right before it's needed.
Feinberg says retailers' growing use of layaway as the holiday season nears reflects the tough times many consumers are facing.
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