Les Gold, former star of the reality TV show “Hardcore Pawn,” spoke to Fox News about the increasing number of people turning to pawnshops as the US economy falters under President Biden’s tenure. According to Gold, pawnbrokers are like street-level economists who can predict economic conditions before the media does. He mentioned seeing more people opting to pawn rather than redeem their items, reflecting the financial struggles many Americans are facing.
Gold noted that in the past six months, there has been a noticeable increase in customers coming to his 8 Mile store in desperate need of cash for basic necessities like food, gas, and shelter. The pawn line at his store is now much longer than the redemption line, showing how many people are struggling to make ends meet. Gold highlighted that customers are not just living month-to-month but are pawning items to get through the week. He emphasized the urgency and immediate need for money that many of his clients are experiencing.
As Gold spoke with host Laura Ingraham on “The Ingraham Angle,” he mentioned that this trend is not unique to his store and that pawnbrokers across the country are observing similar conditions. Some individuals may be choosing to go to pawnshops for quick access to cash without undergoing credit checks or other formalities typically required by banks. Gold explained that pawnshops offer non-recourse loans, meaning that pawning items will not impact one’s credit score or ability to get credit in the future.
In addition to the common items like electronics, furniture, and jewelry that customers pawn, Gold shared some unique stories about items that have come through his shop. One such item was a van previously owned by Dr. Jack Kevorkian, the late pathologist known for advocating for the right-to-die. Gold recalled making a bet with the individual pawning the van, ultimately purchasing it for $20,000. Despite the van’s macabre history, Gold saw the value in owning such an iconic piece.
Gold’s insights shed light on the financial challenges faced by many Americans, prompting them to turn to pawnshops as a means of accessing much-needed cash. The increase in pawning of items rather than redeeming them at American Jewelry and Loan and other pawnshops nationwide reflects the economic uncertainties and hardships that individuals are grappling with. This trend may continue as people seek alternative ways to meet their immediate financial needs without risking their credit scores or facing traditional lending requirements. Gold’s experiences show the resilience and resourcefulness of individuals navigating tough economic times.
