Want That Diamond Ring You Can’t Afford? Try Layaway

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REUTERS/Toby Melville

The vintage payment plan is making a comeback. You’ve seen the large counter buried in the back of big-name department stores, but what about a smaller sign at your local jeweler?

Unlike credit-card payments that accrue incommodious interest rates, layaway has for decades allowed consumers to keep items on hold. As TIME.com It’s Your Money blogger Brad Tuttle wrote last November, the option is an aid for spenders. Individuals incapable of disciplining themselves have a guide for how to afford tantalizing items that are treacherous to their purse.

That’s the trend happening right now with smaller stores selling a girl’s best friend — diamonds. CNNMoney gives the details on how businesses like Los Angeles’ Sarah Leonard Jewelers are using installment-based plans to sell rings with a five-figure price tag.