Even the Rich are Hitting Pawn Shops

by Rigel Celeste (RSS feed)
Dec 20th 2008 at 9:04AM

Normally pawn shops are reserved for the seedy and desperate, and the occasional middle-class divorcee looking to unload bad memories and a diamond ring, but in these tightening economic times even some of the country's wealthier individuals are turning to pawn shops to keep their high-end lifestyles and struggling businesses afloat. Since the banks aren't lending, pawn-brokers are seeing increased business from upper class individuals seeking short-term loans to fund everything from elective surgery to business payroll obligations, and they're putting up their diamond jewelry, watches, and even boats as collateral.

That can't be a good sign.

Tags: economy, news, pawn, pawn shop, pawn shops, PawnShop, PawnShops, wealthy