WEST MONROE, La. (KTVE/KARD) – The impact of inflation continues as more people turn to pawn shops to make ends meet.
People are coming to sell and pawn their everyday items like TVs, gaming systems, and even home defense shotguns to get some quick cash in their pockets.
Richie Donaldson, manager at CB’s Pawn Shop, says this is another result of the economy.
“People are bringing in more items. We got some pretty off the wall items, and people are really hurting right now. I’ve never seen so many people that have come and told me that they needed money to pay their light bill, you know, not that much like it has. It’s been crazy,” Donaldson said.
The surge in gas prices, groceries, and bills has even brought new faces to the shop. Donaldson says business is loaning out more than what is getting in.
“It has brought in more people, but it is getting to the point where we are loaning out way more of what we are getting in,” Donaldson said.
The increase in customers is significant. Just two years ago, when Covid hit, Donaldson says pawns were around seventy thousand, now it is one-hundred-twenty thousand.
“We almost double the amount of money that we loan out in two years,” Donaldson said.
Meanwhile, William Frierson, owner of Patriot Pawn, says the pain of inflation has also brought a 15 percent increase in customers.
“People are bringing canopies that you can buy at the Academy, and lounge chairs. Whatever they got laying around, and they think, well they are just sitting around, maybe the pawn shop will take it, or antiques. So, either they already sold what they had that was valuable and got rid of it, or they are just at the bottom of the barrell trying their best as well.”
The items purchased during Covid are now being pawned and sold to make ends meet.
“Instruments are probably a big thing. The easiest thing they can try to sell is to get what money they can to hold them over and make it until Friday,” Donaldson said.
Frierson says pawn shops are known to be places with all sorts of goods, but now is a place where many people are finding some extra help.