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May 8, 2008 6:49 pm US/Central
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More People Head To Pawn Shops During Tough Times
(WCCO)
With
tough financial times, many folks are going to pawn shops to get some quick
cash and to look for a good deal.
People from all walks of life are digging into closets and attics looking for items to pawn off.
One
of the biggest pawn shops in the Midwest said
it's seen a substantial increase in business.
Cash-N-Pawn
has 15 stores in the Midwest. They say the bad
economy has been good for business -- they've seen a 61 percent increase.
"We've
seen such a big increase in not only sales but our lending balance. It went from $1.9
million on average last year to $4 million that we're lending out," said
John Vanhall, a manager at Cash-N-Pawn.
Their
customers have also changed.
"We're
seeing school teachers, small business owners, students -- all kinds of people
are coming in to get deals on televisions ... iPods," said the
manager.
Many
people are using it to get extra money for the everyday things they need.
"You
can go to the bank or someplace but a lot of people don't have the credit or
the time to deal with that right now," said Vanhall. "Money is an
issue right now where you need it now, and you need it fast."
People
are letting go of the gold, because the precious metal is selling for about a $1,000
an ounce.
"Not
only have I seen more gold coming in -- the amount I've seen come in lately is
absolutely phenomenal," said Vanhall.
One
customer, Hattie Smith, brought in a ring because she needed a quick loan.
"Like
if I owe a bill, I need to pawn something to pay that bill, and it helps me out,"
said Smith.
If
you're looking for a good deal on a laptop computer, or an iPod, you can often
get like-new items at half the cost you'd pay at an electronic store.
(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)