Barometers of economy, pawn shops' volume up

[CatWoman]

Number of people looking for quick cash has been unusually high in past month, proprietors say

By TAMMY JOYNER
The Atlanta Journal-Constitution
Published on: 02/03/08

While Congress contemplates cutting checks to help Americans sometime this spring, pawn shops have become the ATM for a growing number of cash-strapped consumers.

Mink coats. Gold chains. Tennis bracelets. iPods. Computers. Big-screen flat TVs. You name it, the folks at local pawn shops have seen it come through the doors in the past month. January was the largest loan month in Dynasty Jewelry and Loan's 27-year history. Virtually every square inch of the nearly 10,000-square-foot shop in Norcross is jammed with merchandise left by customers.

"We're turning people away because we don't have room," operations manager Nick Hisoire said.

The first of the year is traditionally busy for pawn shop owners as people get a triple dose of reality checks — holiday bills, car and house notes — in the mail and need quick cash. But the number of people going to pawn shops in the past month is unusually high, proprietors said.

The housing crisis is only partly to blame. The stock market continues to ricochet wildly. Personal debt among Americans is approaching nearly $1 trillion, according to government data. Bankruptcies are up nationally. In Georgia, they rose 24 percent last year, giving the state the second-highest rate of in the country. Gas, food and utilities continue to rise, creating additional pressures. And credit, once easy to get, has tightened, leaving consumers with few options.

"These are problems that explain why people are hocking jewelry and appliances and other things just to make ends meet," said Thomas "Danny" Boston, professor of economics at Georgia Tech. "It's a real crisis."

The lack of credit — along with the high interest rates charged by pawnbrokers — puts the financially vulnerable further at risk, consumer advocate Allison Wall said.

http://www.ajc.com/business/content/business/stories/2008/02/03/pawn_0204.html

[lpbk2713]

1. I have been seeing a lot more garage/yard sales lately too.

BushCo seems to be winning the war on the lower classes. For now.

January 2009 can't get here soon enough to suit me.

[CatWoman]

2. you should (maybe not :) ) read the comments left by the Bush Bots

of course, this isn't Bush's fault!!!

All of that pawned merchandise was STOLEN!!!

[bigbrother05]

3. Look on Craigslist in your area

it's a pretty good indication of how things are going, builders are selling off windows. doors, just to make some money back, its cheap, so probably just enough to cover their expenses.

[pinto]

4. That's an interesting barometer. And, agree, telling.

(mod aside) remember to limit reposting copyrighted material to 4 paragraphs. Thanks.

[CatWoman]

5. Pinto!!!

:)

:hi:

[pinto]

6. Yo.

:hi: