Sunday, April 20, 2014

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Schumer warns of layaway fees

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Albany/HV: Schumer warns of layaway fees
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UNITED STATES -- For the holiday shoppers looking forward to buying gifts because of the return of layaway, Senator Charles Schumer has a warning.

The Democrat said layaway programs could hit shoppers with more fees and interest charges than credit cards with a high interest rate, citing an example where interest rates and fees exceeded 81 percent on a $100 purchase.

He is calling on retailers to prominently display all fees and interest rates associated with layaway.

Schumer said if stores fail to do this, he will call on the Federal Trade Commission to investigate whether the program is deceptive or misleading.

Retailers bringing back lay-away this holiday season include Wal-Mart, Toys R Us and Sears.

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