Pawn shops catering to all income consumers

Lower and middle class Americans were not the only ones impacted by the economic downturn. Consumers who earn higher incomes were also affected. Pawn shops have increasingly been stepping up efforts to accommodate these types of customers and help them to gain access to alternative finance options. According to The Arizona Republic, Biltmore Loan and Jewelry has more of an upscale touch to its storefront and the possessions it buys and sells. Some of the items that Biltmore buys include diamonds, boat and RV title loans, as well as artwork and sports memorabilia. The Scottsdale, Arizona-based business says that many American consumers have had recent financial problems and are increasingly turning to short term lending solutions. "We're seeing an increase in these kinds of stores in Beverly Hills and other affluent neighborhoods," said National Pawnbrokers Association spokesman Emmett Murphy. "People in all walks of life are in need of short-term credit." One reason that pawn shops nationwide are seeing an increase in business could be because of reality TV shows that follow the operations of shops and their owners. WITN-TV reports that local pawn companies in Greenville, North Carolina are experiencing a growth in customers who are bringing in a variety of objects to sell. Area owners told the news source they have seen gold fillings, microwaves and even a missile launcher.