Pawn shops booming amid tough economy

SPRINGFIELD, Mass. (WWLP) - With the down economy at least one business is booming - pawn shops.

Loan USA in Springfield has seen a 20 percent increase in business in the last six months.

Jon Wolf, the owner, told 22News fewer people are coming back to get their borrowed goods.

Gold and jewelry are the two most common items to be pawned.

22News interviewed one local man who pawned his laptop computer for $100.

He said he plans on paying the money back, when he gets some money soon.

The interest paid on pawned items is on a sliding scale set by the city of Springfield.

An item worth between $50 and $100 is one percent a week in interest.