Do You Find Yourself Running Short of Cash at the End of the Month?

Pawn shop long island

What is the current state of your finances. Are you, like many Americans, the victim of a heavy debt burden that makes getting from one paycheck to the next a risky adventure? Did you know that as of May of 2015, nearly 26% of all consumer debt was labeled as revolving credit? An innocent term on its surface, but if your revolving credit has you paying high interest credit card rates, it may be time to make a move toward financial freedom.
Interestingly enough, most consumers with debt have a several ways that they could start making a dent in the money they owe if they simply took inventory of what they have in their house. For instance, making the decision to sell your gold that you no longer wear or use may make it possible for you to make an extra payment on a credit card. And while you can decide to sell your gold at a buyer who only purchases fine metals, you can also decide to see what you might be offered at a pawn shop.
Even if you do not want to use your cash to pay down debt, you may still decided to sell your gold at a pawn shop if you need quick access to cash. While gold based transactions have leveled off quite a bit in the last few years, a majority of pawnbrokers indicate that customers selling gold still represents a 3% to 5% increase in their overall business. Collateral loans, also know as pawn loans, in fact, remain the core of pawn shop owner’s businesses. In fact, more than 80% of pawnbrokers report that pawn loans are actually their most common transactions.
If you are thinking about getting cash loans from the gold that you have, it is important to understand a little bit about what the gold selling industry is like. For instance, some gold items are more pure, and therefore, more valuable. the purest gold is considered 24 karat, also referred to as 24k. If, for example, you think of gold as a 24-slice pie, each slice represents a single karat. A necklace that has an ounce of 10k gold, therefore, has less than half the gold of a necklace with an ounce of 24k gold. According to these valuations, a pawn broker will offer you a bid if you decide to sell your gold.
Being In Debt Can be Stressful
As of May of 2015, the financial obligations for the average American homeowner or renter stood at 15.27%. This percentage represents the fact that a typical homeowner spends just over 15% of their disposable income to own or rent their homes and cars. On months when unexpected emergencies occur, that 15% is a nonnegotiable amount that must be paid to keep a roof over your head. When money runs tight, many see selling luxury watches as a way to get more cash.
Consider some of the statistics about average amount of money Americans with debt owe:

  • $6,658 a year is the average amount of interest an average household pays.
  • $47,712 is the average amount of student loan debt among those Americans who carry debt.
  • $26,530 is the average amount of auto loan debt among those Americans who carry debt.
  • $165,892 is the average amount of mortgage debt among those Americans who carry debt.
  • $129,579 is the average amount of total debt among those Americans who carry debt.
  • $15,355 is the average amount of credit card debt among those Americans who carry debt.

The numbers are staggering. In fact, unless you are a family who deals with debt on a day to day basis, you likely do not realize the stress of living under such a financial burden. when it is the end of the month at their is not enough money to get to pay day, some families have to resort to some fairly creative financing. One way that some individuals deal with the cash shortage that they find themselves in is to sell valuables to a pawn shop for a cash loan. With the intent of returning for the items at a later time, pawn shop customers can get the cash they need.

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