Local pawnshops see business increase
WICHITA FALLS (KFDX/KJTL) – Pawnshops are where people go to earn an extra dollar or find discounted items, but a local pawnshop owner says he’s seeing a lot of new faces .
“We have people coming right and left just trying to get gas to get to work or run errands. Things like that,” said Michael Morrison, owner of Cash N More Pawn and jewelry.
Morrison says the surge in business started when money from federal stimulus checks started to run out.
“I think people got into the habit of expecting that extra money and the spending didn’t stop when the stimulus checks stopped and you can also attribute that to gas prices and inflation in general,” Morrison said.
The store sees an influx of all merchandise because people have to sell their stuff, just to make ends meet.
“Seeing new people who actually bring a lot of jewelry and guns, we see quite a bit of dollars. This is the biggest category we see, but we see more of everything. Some people lend and some people come and sell their items because they know it’s going to be tough for a while,” Morrison said.
But for Morrison, business has been the best for two years.
“Our loan balance over the past two years has returned to 100% and above. We have a lot of people who are on tight budgets right now and are looking a bit to tie them up until their next paycheck,” Morrison said.
Morrison says in-store prices haven’t been affected much and the best thing about a pawnshop is that they work with you.