Breaking News
More () »

As inflation impacts Central Texas, more people are turning to pawn shops to make ends meet

Texas Pawn and Jewelry said it has seen a 30% increase in loans in the past six months.

LEANDER, Texas — All sorts of things can be found at Texas Pawn and Jewelry in Leander, and lately with the U.S. seeing record high-inflation, all kinds of people can be found there too.

“Definitely individuals that are just trying to make it from paycheck to paycheck, for sure,” shared Andrea Farr, who owns Texas Pawn and Jewelry, with stores in Leander, Hutto and Liberty Hill.

People can either sell items or leave their item at the store and get loaned money. Then, the customer either pays them and gets their item back, or it goes up for sale after two months.

“I think for us, our average loan is about $150,” said Farr. “Nationally, it's about $180.” 

These smaller loans show people are just trying to make ends meet.

“People are definitely feeling the increase in gas prices and food prices and rent and everything else,” shared Farr. “So, we're definitely seeing people come in and talk about that.”

Farr said with the current economic situation, they have seen a 30% increase in loans in just the past six months. Jonathon Hatten, who manages the Leander store, has seen that firsthand.

“With the increase of everything going on in the economy, we are seeing a lot of new customers come in,” said Hatten. “And who knows if they will come back and pick those items up? It's always a gamble.”

He said right now more and more people are willing to part ways with different items, to keep up with their bills and other finances.

“Lately we're seeing a lot of tools and a lot of jewelry, which are both items that people have a lot of,” said Hatten. “You know, so all that stuff is just flying in.”

Sometimes people have to part with really sentimental items, just to keep up.

“Jewelry is probably the classic example of, you know, maybe that was a grandmother's ring and they just got on hard times and they needed to get a small loan,” said Farr.

Although pawn shops are known to be places that have all sorts of goods, right now it is a place where many people are finding some extra help.

KVUE on social media: Facebook | Twitter | Instagram | YouTube

Conner Board on social media: Facebook | Twitter | Instagram


Brittney Griner back in Russian court as US works to free her

Yes, monkeypox can spread by trying on clothing or changing bed sheets

Crews battling three large fires around Central Texas

Before You Leave, Check This Out