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Pawn shops thrive although others may consider consumer credit counseling
By Edith Barlow on Apr 16th, 2010
Consumers may try a variety of ways to make ends meet, which could include going to a pawn shop and using one of their belongings as collateral for a short-term loan.
A recent report from the Detroit Free Press notes pawn shops across the country are seeing an increase in customers as people try to find a way to pay off bills. Tony Aubrey is the owner of Motor City Pawn Brokers, which is located in Roseville, Michigan. He told the paper he has seen a 200 percent increase in sales.
Aubrey said the increase for his shop is probably due to the rough economy and the fact it is difficult for some people to gain access to credit. Local casinos have also played a role in the uptick.
"There is no other alternative," Aubrey told the paper. "We are the alternative bank."
Although pawn shops may present an opportunity for people facing hard times, some borrowers may not want to part with some of their treasured belongings. Rather than do so, they may consider consumer credit counseling, which can help them try and pay off debts with the income they already have.
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