Pawn Shop Profits

By Debbie Williams Reporter

In a slumping economy, there is one business where "down is up". Pawn Shop Profits

Published: Wed, October 15, 2008 - 5:00 pm Last Updated: Wed, October 15, 2008 - 5:04 pm

Debbie Williams

When Christianne Pilcher needs a little extra cash, she doesn't go to a bank, she goes to a pawn shop. "We needed the money," she says.
Business has picked up at Rick Lowell's pawn shop but that's not the only change. "I've never seen what I would call more of the middle class out having to make loans. A lot of people think the only ones that use pawn shops are the down and out. No. The down and out don't have anything to pawn."
One of the most popular items being pawned are tools. So much so that some shops have stopped taking them others are packed.
"A lot of tools, power tools, construction tools. Even though hunting season is on the way we're getting a lot of guns pawned to us and a lot of jewelry."
Money for a pair of earrings will help Christianne get through to the end of the month. "I get a monthly check and that's all I get and I pay my bills and buy groceries. Come the middle of the month we need some money," she says.
It's happening everywhere according to Lowell, "All the pawn brokers around the state are saying the same thing, the economy is hurting people. Money is tight."
Unless of course, you own a pawn shop.