Americans rich and poor pawn more to pay bills

[babylonsister]

Americans rich and poor pawn more to pay bills
Sun Dec 14, 2008 7:21pm EST

By Sue Zeidler and Tim Gaynor


BEVERLY HILLS, Calif./PHOENIX (Reuters) - Whether it's a Tiffany diamond or a three-year-old lawnmower, more and more Americans from all social classes are pawning their possessions to make ends meet.

Pawn shop owners see strong business across the country, even in unexpected locales like Beverly Hills, the mecca of luxury living and shopping.

"Banks aren't lending so people are coming here for short-term loans against collateral like diamonds, watches and other jewelry," said Jordan Tabach-Bank, CEO of Beverly Loan Co, self-described "pawnbroker to the stars."

"I do see my share of actors, writers, producers and directors," he said, but also cited more visits from white-collar professionals and especially business owners struggling to meet payroll obligations.

more...

http://www.reuters.com/article/domesticNews/idUSTRE4BE02720081215?sp=true

[bdamomma]

1. financial shock and awe

[el_bryanto]

2. Being a pawnbroker must just eat away at you

I would imagine. Like being an insurance guy ("Look I'm sorry but we don't find it profitable to keep your husband alive").

Bryant

[MiniMe]

3. In the dog rescue that I volunteer for, not being able to afford to keep the dog

is now the #1 reason for giving a dog up. Peoples houses are in foreclosure, they can't pay the rent, and they just can't afford a pet. Shelters are getting the same thing.

[CoffeeCat]

4. We drove by a pawn shop last night...

...and the marquee said, "We buy houses and cars too!"

There's nothing like a neon sign that screams out--that
your more than willing to exploit those who are desperate.