Pawning a Rolex
July 29, 2008 | Missouri, alternatives, customers | Comments (0)This story out of Missouri discusses the boom in the pawn shop business. One pawnshop operator describes customers who live paycheck-to-paycheck, but not at the lower income levels:
“Our phone traffic has increased probably 10 times what it was a year ago and most of it is people calling, looking for particular items, wanting to know if we have them,” Loftis says.
And across town one specialty pawn shop owner is seeing people open up their safe and selling high-dollar items like Rolex watches to get by.
“Some of my clientele live paycheck to paycheck, but they’re living in $250,000 homes,” Craig Warren of Gold Exchange says. “A guy may need $3,000 to get him through for a week or two, so he’ll pawn his Rolex.”
The Payday Pundit is loath to tell people how to live, BUT, I advise anyone who needs $3,000 to get through a week to think about cutting expenses.
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