Are You Pawning Things? You Are Not Alone.

As stated on HuffPo, while banks are scrambling for recover, the Fed is repeatedly cutting interest rates, the pawn shop business is booming. What this likely means for the United States economy is not good. What it means for those trying to avoid bankruptcy is likely worse. After a while people will run out of valuable items to sell to pawn shops. My guess is that they will then look at auto title loans and payday loans and credit cards to make ends meet. As one pawn shop owner points out that money he hands out — no questions asked — typically comes with an effective APR of 60%. All of this reflects that times are getting tougher.

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