Struggling economy good news for pawn shops

by Leanne Tokars (ltokars@wsbt.com)

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Local pawn shops say they are seeing an increase in customers looking for cash to help pay the rising cost of gas

Local pawn shops say they are seeing an increase in customers looking for cash to help pay the rising cost of gas. (WSBT photo)

By WSBT News1

SOUTH BEND — The struggling economy is good news for some pawn shops. Many local stores say they're seeing a jump in customers looking to make some quick cash.

Several employees say the number one reason they’re seeing more people is because of gas prices.

For some, it’s become a desperate situation.

In the last six months, Jeff Jones at Worldwide Jewelry and Pawn in South Bend has noticed a difference.

“I’ve seen quite a few new customers,” said Jones.

He says more people are bringing in items to pawn.

“About anything of value — musical merchandise, jewelry, electronics, tools, automobiles,” explained Jones.

He says he hears many people say they need the money to pay for gas. It’s why Lemar Bradley came in Friday.

“Since the gas went up, I've pawned stuff twice now,” said Bradley. “This will be the second time."

It's all about making ends meet with skyrocketing prices at the pump.

“It’s killing me,” exclaimed Bradley. “I'm tired of it. It needs to go down instead of going up."

It's the same story at Koach's Kash Station in Mishawaka.

“I need money for gas is what they say,” commented employee Josh Graf.

In the backroom at Ozark's Pawn Shop on Western Avenue in South Bend items line the shelves.

Owner Vendel Vegh says about half of the owners will return — using the money for now as a loan.

It's something he sees more of when times are tough, but this time he exclaimed, “More than usual — a lot more than usual."

In fact, he says three times more than what they usually get.

And he says it's the same story for 10 to 15 customers each day — they need gas.

Some, he says, are at their breaking point.

“Some ladies come here crying too because they can't get to work because no gas in the car,” remarked Vegh.

Pawn shops also say they're seeing more people who have been laid off in need of money.

The Associated Press found that many people are also looking to the Internet to afford the rising cost of gas, food and medicine. They’re selling more items on sites like Craigslist.

Thursday, Jul 31 at 11:27 AM JIMBO wrote ...

MORE LIKE GOOD NEWS FOR THE THIEVES WHO STEAL OUR STUFF TO SELL TO THESE PLACES. WAKE UP PEOPLE!!!

Thursday, Jul 31 at 11:07 AM Wondering?? wrote ...

Is Hank staying home alot; not going to stores, nor going to get medicine?? Could be he walks to these places!!! And again, might not be a senior! :O)

Thursday, Jul 31 at 9:41 AM AE wrote ...

We ALL know that dear old Hank is full-o-crap. He is just covering up the pain that we are ALL dealing with.

Sunday, May 4 at 3:07 PM As guilt as the worst of them. wrote ...

Yea observer, my heart aches plenty! But this isn't our world anymore. It's being taken over by a generation that has discovered that it's NOT how you play the game but who can win at any cost and end up with the most toys. It used to be you earned a promotion, now you campaign for it and if you are more shameless than the other guy, congratulations! We have people with piered and painted bodies but not enough money for the care of their children. We are as much to blame, we were poor examples.

Saturday, May 3 at 6:17 PM the observer wrote ...

reminds me of my youth in the USAF, dozens of pawnshops around the Bases similar to vultures waiting for impoverished GIs to run out of funds just before payday. this country doesn't resemble the USA of yore. our founders would really be proud. scammers, casinos, usurious bankers, diabolical employers, traitorous politicians , manufacturers and merchants...we've got it all. from Pleasantville to Potterville in the blink of an eye. God must be crying. we should be. does anyone else's heart ache?

Saturday, May 3 at 12:52 PM Anonymous wrote ...

that $20 more per month,, think about it,, $220 a year just for what it is now,, that could be a utility bill or two. or half a house payment. Its just not fair.

Friday, May 2 at 8:34 PM Too little too late but still something wrote ...

You are indeed lucky Hank, but your luck could run out tomorrow in the way of you suffering a sudden illness or being the victim of a random act of violence such as the man in Topeka. I am feeling the strain and I know people who are feeling it even worse than myself. We are starting to car pool, shop together, go to church together, anyway we can come up with a reason to leave a car at home is what we're all about at this time; and it won't be enough. But we'll fight together to the end!

Friday, May 2 at 3:16 PM Hank wrote ...

I guess I'm lucky than. I'm not feeling any impact from this economic downturn, and the higher gas prices is only costing me around $20 more per month.

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