Whether it's swiping your credit or debit card, using a gift card, paying cash or entering into a layaway purchase agreement, there are various issues to consider when purchasing goods and services. The New York State Department of State Division of Consumer Protection offers the following guidance to help you understand each of these options and decide which one is appropriate for your needs.
Purchasing with Cash
Paying with cash can be a good way to control your spending. However, if you pay cash, some protections associated with credit cards and other purchasing options will not be available to you.
Using Credit and Debit Cards
Learn more about credit and debit cards and ways to avoid credit card debt.
Choosing and Using Gift Cards
Consumers often purchase gift cards that are subject to fees imposed by the issuer. Consumers should note the terms and conditions when purchasing and using a gift certificate or card.
Entering into a Layaway Plan
Become familiar with how layaway plans work.
Rent-to-Own Agreements
Rent-to-own is an arrangement between a consumer and a seller that allows the consumer to rent furniture, appliances and other goods for a defined period of time. The consumer is given the option to purchase the rented goods by continuing to pay the rental fees for a length of time or by paying a lump sum payment. Make sure you understand the terms and conditions of a rent-to-own agreement and the costs you will incur.
Avoid Debt
Read through and follow the steps you can take to avoid falling into debt.