Saturday, September 3, 2011

The Truth about Pawn Shops

When I think of pawn shops I think of people from across all income echelons who have fallen on difficult times. The husband or wife with a gambling addiction, feeding his/her closet addiction by pawning jewelry even a wedding ring; the single mother who lost her job and needs to feed her children, she's desperate...And these pawn shops are located in seedy part of town.

Yes those are the words that come to mind--desperation, addiction, irresponsible, bad luck...

The perceptions of pawn shops are changing thanks to a reality show on the History Channel, "Pawn Star". Rick Harrison is interviewed by Breakout on Yahoo Finance.

Rick clears up that pawn shops serve primarily as a bridge loan and that 80% of customers reclaim their possessions despite the dismal economy. The pawn shop is their bank for these customers that live paycheck to paycheck and do not have a traditional bank account.

So what interesting items are for sale at Rick's store in Las Vegas? A 2001 SuperBowl ring is selling for $60,000. On the creepy side is a PeeWee Herman doll still in unopened box.  So what's the number one items that flies out the door? Watch the video! CLICK HERE for the full article.

Have you ever used a pawn shop? What item did you use as collateral? Did you reclaim it? Share your experience by clicking on "Comments". Finally a reality show that teaches me something positive or dispels myths.