Layaway was once a popular way to purchase merchandise Made popular during the depression; customers could have an item held, make small payments over time and then take the item home when it was fully paid for. Over time, as the popularity of credit cards grew and most everyone had easy access to credit; layaway became a thing of the past. Today, though, with lenders reacting to the economic downturn and adhering to stricter lending guidelines; layaway is making a comeback, particularly as a way to shop for holiday gifts.Layaway for TodayToday's layaway is different, though. Many consumers use the internet to shop for the convenience. Accordingly, online layaway is becoming a popular way to buy larger items that are needed or to purchase holiday gifts. Sears and Kmart are two retailers that are now offering online layaway programs. Items that are available for layaway are specifically marked and payments can be made either in store or through the website.Layaway Versus Credit CardsLayaway is an appropriate tool for shoppers who need or want to purchase a more expensive item and need to pay for it over time. Layaway can help you avoid paying credit card interest and save you money. Keep in mind, however, that most online layaway programs impose a fee for participating. The fee typically ranges from five to ten dollars, depending on the length of the layaway contract. In most cases, especially for more expensive items, this fee still represents a much smaller amount that what you would pay in interest on a credit card for the purchase.All buying options come with advantages and disadvantages, and whether or not online layaway is the right choice for you will depend on your personal situation and preferences. Online layaway does offer a convenient way to choose items from the comfort of your own home, make easy payments over time and end up with the items that you need or want.