The countdown to Christmas has begun and Australians are being asked to take a new look at an old-fashioned way to ensure the cost of gifts don't become a New Year debt hangover – it's Layby! And it's had a makeover to bring it into the competitive market of online shopping but with none of the debt or buyer regret.
Australian owned company Laybyland offers more than 50,000 products from big name brands such as Apple, Samsung, Nintendo & Lego. Items are secured with a deposit, paid off in instalments nominated by the purchaser and then delivered free of charge.
Christmas shopping is tipped to top $24 billion this year. Many will go into debt with Buy Now Pay Later (BNPL) schemes and credit cards and end up paying much more as they are hit with late payment penalties. Laybyland doesn't require customers to have a credit rating or credit card.
The payment system is a welcome relief to mother of two Tara who has no access to credit. "I have been putting items on Layby throughout the year and gradually paying them off. Times are tough for a lot of people but with a little planning Christmas will be stress free for me and still a magic time for my kids. As a single mum starting from scratch again, I have also used Laybyland to gradually furnish my home."
CEO of Laybyland Stuart Duff admits Layby has been popular with older generations but is seeing large growth amongst Millennials and Gen Z consumers who may have been told by their parents about it as they remember the days of making regular weekly or monthly trips to stores to pay off an item before being able to take it home. "The principles of debt free, structured saving created by Layby more than half a century ago remain, we've brought it into the modern day. Products are secured and paid for online, if the price of item drops as part of a sale, the lower price is honoured. "
Layby doesn't offer instant gratification like buy now pay later schemes and credit cards, but Mr Duff says waiting for something you want does have big advantages. "Impulse purchases can often result in regret as well as debt. Laybyland offers a no charge 21 day cooling off period if you change your mind. Best of all the gift of giving to yourself or someone else is so much more enjoyable when there is no lingering debt or mounting interest."
www.laybyland.com.au
