canada goose 12 Fascinating Facts About People Who Go To Pawnshops Madeleine Scinto Dec. 5, 2011, 1:36 PM Life PilgrimSince the recession, more and more Americans have been turning to pawnshops to pay the rent. For many people this may be a mistake. Pawnshops have come under scrutiny for predatory lending practices. These shops hold onto people’s valuables for three to four months, using them as a guarantee against a loan while typically charging a three to four percent interest rate. Often the valuables are worth much more than the cash loan. For customers with bad credit and no bank account www.fanclub-fulton-smith.de , however, pawnshops can serve as an important lifeline. 1/ Consumers’ average pawn loan increased from $80 in 2008 to $150 in 2011. Flickr by Gary J Wood Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 2/ Since the recession started in 2008, cash-for-gold transactions shot up 35 percent. Flickr by Digital Money World Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 3/ Pawnbrokers have also reported more visits by small business owners trying to make their payroll. Flickr by Don Harder Source: Reuters, CNNMoney 4/ More than half of pawnbrokers say the recession has increased pawn loans, but significantly hurt sales. Some pawnbrokers report up to a 15 percent decline on their retail side. Flickr by Gary J Wood Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 5/ Almost 80 percent of customers are taking out a pawn shop loan more than two times a year. Flickr by Gary J Wood Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 6/ And almost half of pawnbrokers reported an 8 percent uptick in loan defaults in 2009. Flickr by Stuart Huary Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 7/ But 85 percent of those who take out the loans still pay them back. Flickr by Eduartidoglez Source: National Pawnbrokers Association 8/ 20 percent of pawnshop customers are unemployed. Flickr by James Lee Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 9/ Only 33 percent of customers own their own home—77 percent rent. Flickr by Brent Granby Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 10/ 82 percent of pawn shop visitors have a high school diploma. Flickr by Thomas Kelly Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 11/ The average customer has an income of $29 www.fanclub-fulton-smith.de ,000 and is 36. Flickr by Revisions Two Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 12/ Consumers can visit more than 10,000 different pawnshops across the nation. Flickr by Thomas Hawk Source: National Pawnbrokers Association Overview; National Pawnbrokers Association 2010 Survey 13/ Pawnshops aren’t the only thing keeping you poor… http://www.flickr.com/photos/baslow/ Learn how your money mindset is keeping you poor and what you can do to change it > Previous 1/ Next canada goose parka