Although the economy is falling, pawn shops are reaping the benefits from people struggling to buy high priced gas and food. From televisions to stereos to even gold grills (gold teeth), people are borrowing at pawn shops to make ends meet.
Although the economy is falling, pawn shops are reaping the benefits. Families are having a hard time just to eat and keep gas in their tank leaving them with only one option, the Pawn Shop. People are stated to be visiting Pawn Shops just to pay for gas which on an average is $3.51 per gallon, while Memphis' average is around $3.40.
According to the USDA, a family of four is now spending about $900 each month on groceries.
People are reportedly going to pawn shops everyday to borrow money on their possessions ranging from televisions, stereos, and even gold grills (gold teeth) just to get by on rent, put gas in their car, buy food and personal items.
One pawn shop owner, David Kasner, told Eyewitness News, that he found out that after being in business for 40 years that his pawn shop is booming when the economy is not and people are complaining most about gasoline.
"When the economy is good, they'll take their ring off [if] they want to borrow money. They don't think twice about it. They say, 'well, if I lose it, I'll just get another.' When the economy is bad, they are afraid to take their ring off because they figure they can't replace it if they lose it."
Others who don't have items such as stereos, televisions, rings, watches, tools and gold grills to pawn are taking another route by selling their clothes at stores such as Plato's Closet in Cordova, TN at 2200 North Germantown Parkway. People may think it's just grown-up utilizing stores such as Plato's, but teens are also cashing in just to get extra cash for the Summer.
According to the shop owner Brown Dudley, he's heard 15, 16 year-old teens mention the economy and how things are tight.
"I don't think I would have ever heard a 15 or 16 year-old mention the word 'economy' or be in their vocabulary before now," Dudley stated to Eyewitness News.