SPRINGFIELD, Mass. (WWLP) – Inflation is on the forefront of everyone’s minds as people find new ways to make ends meet with prices rising on nearly everything.
Many people now turning to sell their personal belongings for a profit. Pawn shops are seeing record numbers of people trying to cash in on their possessions just to pay the bills.
This trend is also being seen here locally. The Owner of People’s Pawn tells me many people are coming in and selling their valuables to make an extra few bucks, but this increase in selling and not buying is also hurting his business.
“Pawn shops thrive during times like this,” said Jason Hosey of Westfield.
Inflation frustration continues for countless Americans. Sky-high prices mean more money withdrawals rather than deposits, and many are left to make hard decisions just to pay the bills.
Over in Springfield The People’s Pawn is seeing an increase in business with lots of customers coming in to sell gaming systems, family heirlooms, or jewelry but not enough people are coming in to buy.
“So really busy a lot of people are coming In to sell stuff but it’s not so busy with people buying stuff on the other end. So in a way, it’s good because I can buy things cheaper but in a way, it’s not good because I can’t get rid of the stuff so In a way, I’m overloaded as you can see around with stuff that’s hard to get rid of now,” said William Miller, Owner of People’s Pawn.
Miller says he tries to help people out. He accepts electronics, tools, and jewels, but he now has to depend on online sales.
“People are having trouble financially and it’s a cycle. So if people are having trouble I’m having trouble too because they are not in there spending the money they used to, because they don’t have the money. Where does that leave me?” Miller told 22News.
Miller added businesses like his arent pawning anymore because interest rates are too low, so businesses