Forget about Halloween…with Labor Day behind us, it is time to start talking about holiday shopping.

How is that even possible? Layaway.

Many businesses offer layaway programs to give shoppers a chance to lock down the season’s hottest gifts without needing to pay in full upfront, and at least one major retailer has already launched its holiday layaway program. The Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) asks shoppers to study up on a store’s respective policies before agreeing to a layaway plan.

“Layaway is a simple concept: a store holds an it...