Want to go to Hawaii for vacation, but don’t have the money for the trip just yet?
SearsVacations.com lets consumers book their vacation plans ahead of time, putting down a 10% deposit. The remaining costs must be paid in periodic installments prior to taking the actual vacation.
The retail chain has long offered layaway plans for store products, but this is its first venture into layaway vacations. The company does not charge a start-up fee for vacation layaway plans.
The terms of the layaway program vary depending on the travel company handling the travel and lodging arrangements.
Travel experts cited by CNN recommended against putting vacations on layaway, citing the possibility that money paid into the layaway account might be needed for other, more pressing expenses. Saving for that vacation with a bank account was a safer move, the experts suggested.