Sears offers some customers payment relief

Hoffman Estates, Ill. Sears will announce Tuesday that it is giving appliance purchasers a break on payments if they lose their jobs, according to a Monday report in the Chicago Tribune.

Shoppers who charge $399 or more to a Citibank-issued Sears credit card for appliances and related accessories between July 6 and Aug. 1 will get payment relief if they find themselves out of work 60 days to one year after making the purchase, said the report. One-twelfth of the purchase price will be credited to their accounts for every month they are unemployed. The full debt will be forgiven for customers who find themselves jobless for more than a year, and they will be able to keep the appliance.

"This was born out of listening to our customers," said Kevin Brown, chief marketing officer/home appliances. “Customers were saying, ‘We're just in a spot where we're deferring major purchases due to our concern about our personal economy and the national economy.’”

Sears will test the program for 30 days and decide whether or not to extend it.