Tough economic times boost pawnshop business
The nation's deepening recession has boosted business at Triangle pawnshops. People are selling their possessions for cash to pay bills.
Posted — Updated"As long as you have an ID, you can get quick cash here,” said Jim Slaughter, with Zebulon Jewelry & Pawn.
Some Wake County pawnshops report a 25 percent or more increase in business. With such a heavy influx of merchandise, shop owners say they must be careful not to buy themselves out of business.
The most popular item at pawnshops is gold. Slaughter says the market for the precious metal seems solid.
"How many circular saws can you use?” Beck asked. The tools started coming in heavily about four to six months ago, Beck said.
In addition to buying people's goods, pawnshop owners hear a lot of sad stories at the counter.
"It does make you aware that there are people who are struggling,” Slaughter said.
With pawnshops, customers can also borrow against their goods and pay off their loans and fees to get the goods back.
Pawnshop owners say they try to turn away very few items. Slaughter said a man recently brought in an air compressor. The shop already had four for sale, but he bought the compressor anyway to help the man out.
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