(snip)"Selling To Survive: Madison pawn shops see boom in business
With rising gas prices and a shaky housing market, people do what they must to survive, even if that means pawning grandma's pearls.
It may be a struggling economy for consumers, but their losses are a pawn shop's gains.
The owner of Rick's Olde Gold on Willy Street in Madison says he's seen a 40% increase in business since January.
He says people sell their gold jewelry and priceless heirlooms for cash, because many need the money for gas, food and even mortgages.
Rick's Olde Gold advises customers not to sell heirlooms, unless it's a last resort.
Most people who do, end up regretting it later."(snip)
from
While this story is anecdotal, it is not an isolated instance. It also confirms the theory that US consumers will continue to 'sell off' their remaining assets in order to maintain a lifestyle that they can no longer afford. This started with home equity borrowing, then moved to sales of 'toys' (i.e. vacation homes, RV's, boats, motorcycles, second cars), then moved to sale of investments, and is now moving to the sale of jewelry / heirlooms.
This essentially leaves only one asset remaining, which is the premature cashing in of 401k / IRA holdings.



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