Tough times send many to pawn shops

HARTFORD, Conn., June 16 (UPI) -- Tough times have sent many folks hard up for cash to the pawnshop, where business is on the upswing in the United States, a business association said.

The National Pawnbrokers Association said the number of pawnshops has nearly doubled from 6,900 in 1988 to 13,000 in 2008, the Hartford (Conn.) Courant reported.

"In the recession that doesn't exist, according to George Bush, people are losing their mortgages, and they pretty much get money wherever they can get it," said Jay Sargent, the owner of two Hartford pawnshops, which employ 22 people.

Pawnshop owners are watching new customers walk through their doors.

"Does she look like your typical pawnshop customer," Sargent told the Courant, pointing to a woman with "her Gucci and her Burberry on."

Otherwise, it's business as usual for the stores that take items, like watches or jewelry. for collateral on high interest loans.

Pawnshops hold the items for 60 days, then sell them if the loan isn't repaid. Many pawnshops also buy items outright, the Courant reported.