Many of us have used layaway programs in the last years. The concept regained popularity when the recession hit. And now there is kind of layaway that is making sure families can take their dream vacation. If you missed your dream get-away because, like most of us, you don't have three thousand bucks lying around, slow payment might make it easier.
Richard Popkin and his wife Karol put their getaways on Layaway. "It offers me the opportunity to put down very little money at the beginning," Popkin says. The couple takes as many as FIVE big trips a year! When they find great deals they jump on them - FAST!
George Hobica of Airfarewatchdog.com says that kind of thinking is how layaways work best. "Making a decision by only having to put down 200 dollars per person is, certainly a lot better than if we had to pay for the whole trip," Hobica said.
The idea is just like we think of a typical layaway. But you have to be diligent and make sure that trip is paid off before you head to the airport! Hobica says the typical vacation for a family of four will cost between two to three thousand dollars.
Marty Seslow is with Gate1travel.com. He says layaways empower the consumer with flexibility. "You can book a vacation up to 18 months before the trip is going to take place. "
As with any typical layaway program there are potential drawbacks. Hobica says keep in mind, it's money out of your budget every month, "You tie up your money sometimes over several years, and that's money that you could probably be using for something else so you're giving the company a free loan," he says.
Like layaway plans for merchandise, not all travel plans are equal. Some refund your money or help you defer the trip if problems arise, but others might not. So really understand their cancellation policy.
As with any program you sign on for make sure you read all the cancellation policies to know if there are fees and if you will lose money if you need to cancel.