Kmart is planning to remove all layaway fees in most of its stores in order to allow customers to put any item on layaway.

The layaway fees will be eliminated from today until the 17th of November. However, the company might consider extending the removal to the entire year, according to parent company Sears Holdings. The vice president of financial services at Sears also indicated that Sears might introduce a similar scheme in October but did not announce specific dates.

Experts say that the reduction of layaway fees is good news for the customers in the country. However, customers should be warned that the system can cause financial difficulties as well. Kmart will allow customers to get sale price if a product is marked down within seven days of being placed on layaway.

The company will also return all of the money on a product if customers forfeit their layaway, but a penalty of $10 is charged for the deal.

Competitor, Toys R Us announced on Monday that it would soon drop layaway fees and mega retailer, Walmart reduced its layaway fee to $5 from $15 from Wednesday. Kmart spokeswoman Shannelle Armstrong-Fowler pointed out that the move is not a response to that of Toys R Us or Walmart and the company has been involved in layaway sine a long time.